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Strength Seen in Airgain (AIRG): Can Its 10% Jump Turn into More Strength?

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Airgain (AIRG - Free Report) shares ended the last trading session 10% higher at $23.63. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.3% loss over the past four weeks.

Airgain’s rally was fueled by increased investor optimism after it announced that SYNNEX will now offer Airgain’s products to customers under its General Services Administration Multiple Awards Schedule Contract. These products include AirgainConnect AC-HPUE, the only antenna-modem built for FirstNet MegaRange, the high-power user equipment solution available on Band 14. The development will help expand Airgain’s product reach to multiple government entities across the United States.

Price and Consensus

Price Consensus Chart for AIRG

This antenna products developer is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of +160%. Revenues are expected to be $16.98 million, up 51.3% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Airgain, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AIRG going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

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