TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
Jacob Suen, the President and CEO of Airgain Inc . (NASDAQ:AIRG), executed a series of stock transactions recently, according to a filing with the Securities and Exchange Commission. On March 14, Suen sold 5,000 shares of common stock at an average price of $4.4317 per share, totaling $22,158. The shares were sold in multiple transactions at prices ranging from $4.35 to $4.52. These transactions come as the stock trades near its 52-week low of $3.87, having declined over 40% in the past six months. According to InvestingPro analysis, the stock’s RSI indicates oversold territory.
In addition to the sale, Suen exercised stock options to acquire 5,000 shares at $2.00 per share, totaling $10,000. The options were part of an award granted nearly a decade ago. On the following day, Suen acquired additional shares through restricted stock units and stock options, with some of these transactions involving no cash outlay. With a current market capitalization of $49.2 million, InvestingPro analysis suggests the stock is currently undervalued, with 8 additional exclusive insights available to subscribers.
These transactions adjusted Suen’s direct ownership of Airgain stock, which now stands at 305,546 shares, representing a significant portion of the company’s shares outstanding.
In other recent news, Airgain Inc. reported a significant revenue shortfall in its fourth-quarter 2024 earnings, with sales reaching $15.1 million, falling short of the expected $17.2 million. Despite this, the company noted a 50% year-over-year increase in revenue, alongside a fourth consecutive quarter of improved gross margins, which reached 43.4%. The full-year revenue for 2024 was $60.6 million, marking an 8% increase from the previous year. The company is transitioning towards higher-value wireless systems, which has led to an increase in average selling prices. Airgain’s strategic transformation includes new product launches and partnerships aimed at future growth, such as the successful commercial deployment of its Lighthouse solution. Analyst firms have not specifically upgraded or downgraded Airgain, but the company’s future projections include deploying its Lighthouse solution across more than 50 sites in 2025. Airgain anticipates revenue growth in the latter half of the year, despite current challenges such as inventory constraints and intense competition in the market.
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