Zacks Investment Research Lowers Airgain (NASDAQ:AIRG) to Hold

Zacks Investment Research cut shares of Airgain (NASDAQ:AIRG) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Airgain, Inc. is a provider of embedded antenna technologies. It offers antennas for the devices which are deployed in carrier, enterprise and residential wireless networks and systems, including set top boxes, access points, routers, gateways, media adapters and digital televisions. The company also offers residential wireless local area network or wireless fidelity to carriers, original equipment manufacturers, original design manufacturers and system designers. Airgain, Inc. is based in San Diego, United States. “

Other analysts have also recently issued reports about the company. ValuEngine upgraded Airgain from a buy rating to a strong-buy rating in a report on Tuesday, July 2nd. B. Riley boosted 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. Finally, Northland Securities restated a buy rating and set 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. The stock presently has an average rating of Buy and a consensus target price of $17.75.

NASDAQ AIRG traded down $0.72 during trading on Wednesday, hitting $11.97. 46,410 shares of the company’s stock were exchanged, compared to its average volume of 66,874. The stock has a market capitalization of $130.60 million, a P/E ratio of -44.33 and a beta of 1.93. Airgain has a fifty-two week low of $8.34 and a fifty-two week high of $17.25. The firm’s 50 day moving average price is $13.98.

Airgain (NASDAQ:AIRG) last released its quarterly earnings results on Thursday, May 9th. The technology company reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.01). The firm had revenue of $15.10 million for the quarter, compared to the consensus estimate of $15.04 million. Airgain had a negative return on equity of 2.57% and a negative net margin of 1.83%. The business’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.07) earnings per share.

In related news, President Jacob Suen sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was 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 $684,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James K. Sims sold 22,464 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $14.20, for a total value of $318,988.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,428 shares of company stock worth $503,485. Company insiders own 8.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in AIRG. Cadence Capital Management LLC bought a new stake in Airgain in the first quarter valued at approximately $1,299,000. Wedge Capital Management L L P NC bought a new stake in Airgain in the first quarter valued at approximately $930,000. Alambic Investment Management L.P. boosted its holdings in Airgain by 45.3% in the first quarter. Alambic Investment Management L.P. now owns 140,322 shares of the technology company’s stock valued at $1,800,000 after acquiring an additional 43,736 shares during the last quarter. Punch & Associates Investment Management Inc. bought a new stake in Airgain in the first quarter valued at approximately $413,000. Finally, Acadian Asset Management LLC bought a new position in shares of Airgain during the 1st quarter worth approximately $345,000. Institutional investors and hedge funds own 35.06% of the company’s stock.

About Airgain

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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