Airgain, Inc. (NASDAQ:AIRG) Sees Large Drop in Short Interest

Key Points

• Airgain, Inc. experienced a significant 28.8% decrease in short interest in August, with total short shares dropping to 94,000 from 132,000 in July.
• Recent analyst coverage shows a mixed sentiment, with Roth Capital lowering their target price from $8.00 to $7.00, while the consensus rating remains a "Buy" with an average price target of $8.50.
• A number of institutional investors have increased their holdings in Airgain, with over 52% of the company’s stock now owned by institutional and hedge fund investors.

Airgain, Inc. (NASDAQ:AIRG - Get Free Report) was the recipient of a large decrease in short interest in the month of August. As of August 15th, there was short interest totaling 94,000 shares, a decrease of 28.8% from the July 31st total of 132,000 shares. Approximately 1.0% of the company's stock are sold short. Based on an average daily trading volume, of 25,100 shares, the days-to-cover ratio is presently 3.7 days. Based on an average daily trading volume, of 25,100 shares, the days-to-cover ratio is presently 3.7 days. Approximately 1.0% of the company's stock are sold short.

Airgain Stock Performance

Shares of Airgain stock traded down $0.04 during midday trading on Friday, reaching $4.11. 18,931 shares of the company's stock traded hands, compared to its average volume of 25,773. The company has a market cap of $48.91 million, a price-to-earnings ratio of -7.09 and a beta of 0.80. The company's 50 day simple moving average is $4.44 and its 200 day simple moving average is $4.23. Airgain has a 52 week low of $3.17 and a 52 week high of $10.34.

Institutional Trading of Airgain

Several large investors have recently modified their holdings of AIRG. Dimensional Fund Advisors LP boosted its holdings in shares of Airgain by 12.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 105,954 shares of the technology company's stock worth $748,000 after buying an additional 12,000 shares during the period. Northern Trust Corp boosted its holdings in shares of Airgain by 69.4% during the 4th quarter. Northern Trust Corp now owns 64,861 shares of the technology company's stock worth $458,000 after buying an additional 26,573 shares during the period. Jane Street Group LLC bought a new stake in shares of Airgain during the 4th quarter worth $192,000. Ameriprise Financial Inc. boosted its holdings in shares of Airgain by 0.5% during the 4th quarter. Ameriprise Financial Inc. now owns 677,584 shares of the technology company's stock worth $4,784,000 after buying an additional 3,283 shares during the period. Finally, Bard Associates Inc. boosted its holdings in shares of Airgain by 2.6% during the 1st quarter. Bard Associates Inc. now owns 157,830 shares of the technology company's stock worth $532,000 after buying an additional 4,000 shares during the period. 52.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AIRG has been the topic of several research reports. Roth Capital dropped their price objective on shares of Airgain from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Wall Street Zen started coverage on shares of Airgain in a research report on Tuesday, May 20th. They issued a "hold" rating for the company. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $8.50.

About Airgain

Airgain, Inc provides wireless connectivity solutions that creates and delivers embedded components, external antennas, and integrated systems worldwide. The company's products include MaxBeam embedded antennas; profile embedded antennas; profile contour embedded antennas; profile ceramic embedded antenna; ultra embedded antennas; and SmartMax embedded antennas.