Airgain (NASDAQ:AIRG) Trading 5% Higher Following Better-Than-Expected Earnings

Airgain Inc (NASDAQ:AIRG)’s stock price traded up 5% during trading on Friday following a better than expected earnings announcement. The company traded as high as $11.86 and last traded at $11.72, 271,934 shares traded hands during trading. An increase of 145% from the average session volume of 111,017 shares. The stock had previously closed at $11.16.

The technology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.11. Airgain had a negative return on equity of 2.57% and a negative net margin of 1.83%. The company had revenue of $14.50 million for the quarter, compared to the consensus estimate of $14.30 million. During the same quarter last year, the business posted $0.02 EPS. Airgain’s quarterly revenue was down 3.1% compared to the same quarter last year.

A number of research analysts have commented on the company. Cowen reaffirmed an “outperform” rating and set a $14.00 target price (down previously from $16.00) on shares of Airgain in a report on Friday. Zacks Investment Research downgraded Airgain from a “buy” rating to a “hold” rating in a report on Wednesday, July 31st. B. Riley raised their price target on Airgain from $19.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, May 6th. ValuEngine downgraded Airgain from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Finally, Northland Securities reissued a “buy” rating and issued a $17.00 price target on shares of Airgain in a report on Friday, May 10th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $17.25.

In other Airgain news, CEO James K. Sims sold 4,476 shares of Airgain stock in a transaction on Monday, June 10th. The stock was sold at an average price of $14.00, for a total transaction of $62,664.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Jacob Suen sold 3,000 shares of Airgain stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $15.00, for a total value of $45,000.00. Following the sale, the president now directly owns 45,630 shares in the company, valued at approximately $684,450. The disclosure for this sale can be found here. In the last three months, insiders sold 35,428 shares of company stock worth $503,485. Company insiders own 8.40% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Strs Ohio bought a new stake in Airgain during the 2nd quarter valued at $35,000. BerganKDV Wealth Management LLC bought a new stake in Airgain during the 1st quarter valued at $128,000. Wells Fargo & Company MN raised its stake in Airgain by 366.4% during the 2nd quarter. Wells Fargo & Company MN now owns 10,532 shares of the technology company’s stock valued at $148,000 after acquiring an additional 8,274 shares in the last quarter. Stone Ridge Asset Management LLC bought a new stake in Airgain during the 2nd quarter valued at $158,000. Finally, Schnieders Capital Management LLC bought a new stake in Airgain during the 2nd quarter valued at $162,000. 35.03% of the stock is currently owned by hedge funds and other institutional investors.

The business’s 50 day simple moving average is $13.67. The firm has a market capitalization of $117.93 million, a PE ratio of -43.41 and a beta of 1.93.

Airgain Company Profile (NASDAQ:AIRG)

Airgain, Inc designs, develops, and engineers antenna products for original equipment and design manufacturers, chipset vendors, service providers, and value added resellers and distributors worldwide. Its products include MaxBeam embedded antennas; profile embedded antennas; profile contour embedded antennas; ultra-embedded antennas; OmniMax high performance external antennas; MaxBeam carrier class antennas; and SmartMax embedded antennas, as well as automotive, fleet, public safety, and M2M antennas.

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