Airgain (AIRG) shares ended the last trading session 8% higher at $5.15. 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 6.8% loss over the past four weeks.
The uptrend was likely driven by two back-to-back multi-million-dollar deals secured by Airgain. These include a $4 million contract for Airgain’s IoT solutions for large scale field installations and a multi-million-dollar opportunity for cellular modems to enable wireless connectivity across Coco Robotics’ next generation of delivery robots.
The company’s IoT business continues to expand across a wide range of connected applications, including digital signage, EV charging, payments, industrial automation, and autonomous robotics. This underscores the growing role of IoT enabled robotics in connected commerce and highlights Airgain’s expanding presence in next-generation automation and mobility markets.
This antenna products developer is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of +27.3%. Revenues are expected to be $11.45 million, down 4.7% 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 been revised 16% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. 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 >>>>
Airgain belongs to the Zacks Communication - Components industry. Another stock from the same industry, NETGEAR, Inc. (NTGR), closed the last trading session 5.9% higher at $22.06. Over the past month, NTGR has returned -0.1%.
For NETGEAR, the consensus EPS estimate for the upcoming report has changed -30.1% over the past month to -$0.08. This represents a change of -500% from what the company reported a year ago. NETGEAR currently has a Zacks Rank of #3 (Hold).
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This article originally published on Zacks Investment Research (zacks.com).