NextNav (NASDAQ:NN) Shares Climb 7.6% – Still a Buy?

by · The Markets Daily

NextNav Inc. (NASDAQ:NN – Get Free Report) rose 7.6% on Friday. The stock traded as high as $9.79 and last traded at $9.91. 804,649 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 2,316,518 shares. The stock had previously closed at $9.21.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NN shares. Clear Str raised shares of NextNav to a “strong-buy” rating in a report on Monday, September 21st. Zacks Research cut shares of NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Wells Fargo & Company reiterated a “buy” rating on shares of NextNav in a research report on Monday, September 21st. Wall Street Zen lowered shares of NextNav from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. Finally, Odeon Capital Group started coverage on shares of NextNav in a research report on Monday, July 20th. They issued a “buy” rating and a $22.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.33.

Read Our Latest Stock Analysis on NextNav

NextNav Stock Performance

The firm has a 50 day simple moving average of $14.33 and a two-hundred day simple moving average of $16.68. The stock has a market cap of $1.68 billion, a P/E ratio of -10.22 and a beta of 1.16.

NextNav (NASDAQ:NN – Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $0.92 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%. As a group, equities research analysts predict that NextNav Inc. will post -0.46 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Mariam Sorond sold 2,831 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total value of $41,672.32. Following the completion of the transaction, the chief executive officer directly owned 1,168,961 shares in the company, valued at $17,207,105.92. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Timothy Gray sold 11,099 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $14.64, for a total transaction of $162,489.36. Following the transaction, the chief financial officer owned 120,687 shares in the company, valued at $1,766,857.68. This represents a 8.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 87,667 shares of company stock worth $1,331,153. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NextNav

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of NextNav by 4.8% during the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company’s stock valued at $41,780,000 after purchasing an additional 108,338 shares during the period. Sona Asset Management US LLC raised its stake in shares of NextNav by 37.9% in the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after buying an additional 143,349 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of NextNav by 3.8% in the first quarter. First Trust Advisors LP now owns 296,391 shares of the company’s stock valued at $4,748,000 after buying an additional 10,761 shares during the period. Bank of America Corp DE lifted its holdings in shares of NextNav by 1.2% in the first quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock valued at $4,165,000 after buying an additional 3,028 shares during the period. Finally, BlueCrest Capital Management Ltd acquired a new stake in shares of NextNav in the second quarter valued at $4,012,000. 79.16% of the stock is owned by institutional investors.

NextNav Company Profile

(Get Free Report)

NextNav Inc (NASDAQ:NN) develops positioning, navigation and timing technologies designed to provide reliable location information in environments where traditional GPS and satellite-based systems may be unavailable, inaccurate or vulnerable to disruption. The company’s services are intended for applications in communications, public safety, transportation, logistics, mapping and other industries that rely on precise location and timing data.

NextNav’s primary products include Pinnacle, a terrestrial network that provides three-dimensional positioning, including accurate altitude information, and TerraPoiNT, a terrestrial positioning, navigation and timing system designed to complement or serve as an alternative to GPS.

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