Benzinga | Aug 11, 2021 03:42PM EDT

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

* Roth Capital analyst Scott Searle lowered the price target on Airgain Inc (NASDAQ: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.