Airgain Shares Plunge As Roth Capital Lowers Price Target Following Q2 Earnings Disappointment

August 11, 2021 3:42 PM | 1 min read | Make a Comment

Roth Capital analyst Scott Searle lowered the price target on Airgain Inc AIRG to $25 from $30, implying a 41.6% upside, and reiterated a Buy rating.
Airgain's sales of $17.3 million missed the analyst consensus of $18.3 million. EPS of $0.05 beat the analyst consensus of $0.04.
Searle noted that Airgain's Q2 results were lower than expectations due to Consumer WiFi supply chain issues and AirgainConnect adoption timelines.
The Q3 will possibly exacerbate WiFi supply chain issues further while AirgainConnect is likely to increase, albeit at a more modest pace.
On a brighter note, the Nimbelink demand remains ahead of expectations, offset by supply headwinds.
Price Action: AIRG shares traded lower by 13.8% at $15.21 on the last check Wednesday.