- 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.
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