JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
SAN DIEGO—Jacob Suen, President and CEO of Airgain Inc . (NASDAQ:AIRG), has sold a portion of his holdings in the company, according to a recent SEC filing. The transaction, dated March 7, involved the sale of 12,093 shares of common stock at a weighted average price of $4.8465 per share, totaling approximately $58,608. The sale comes as the stock has declined over 38% year-to-date, with InvestingPro data showing the stock’s RSI indicating oversold conditions.
This sale was carried out to cover tax withholding obligations related to the vesting of Restricted Stock Units (RSUs), as noted in the filing. Following the transaction, Suen retains ownership of 229,999 shares, which includes his RSUs. The company, currently valued at $54.3 million, maintains a strong balance sheet with cash exceeding debt levels. For deeper insights into insider trading patterns and technical indicators, consider accessing the comprehensive research available on InvestingPro.
The shares were sold in multiple transactions within a price range of $4.8000 to $4.8476. Suen remains both a director and an officer of Airgain, a company known for its radio and TV broadcasting and communications equipment. The stock currently trades near $4.73, significantly below its 52-week high of $10.34.
In other recent news, Airgain Inc. reported its fourth-quarter 2024 earnings with a noticeable revenue shortfall, achieving $15.1 million in sales against the forecasted $17.2 million. Despite this miss, the company saw a 50% year-over-year revenue increase, and its gross margin improved to 43.4% for the fourth consecutive quarter. Full-year revenue for 2024 reached $60.6 million, marking an 8% increase from the previous year. Airgain is optimistic about its strategic transformation, focusing on new product launches and partnerships to drive future growth. The company projects first-quarter 2025 sales to range between $11 million and $13 million. In terms of analyst actions, there were no specific upgrades or downgrades mentioned. The company also highlighted its strategic partnership with Omontel for its Lighthouse solution, which is expected to drive revenue growth in the Middle East region. These developments underscore Airgain’s ongoing efforts to expand its market presence and improve financial performance.
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