NextNav (NASDAQ:NN) Trading Up 11.9% – Here’s Why

NextNav Inc. (NASDAQ:NN) was up 11.9% during mid-day trading on Thursday . The company traded as high as $23.84 and last traded at $24.1390. Approximately 919,640 shares traded hands during trading, a decline of 53% from the average daily volume of 1,955,325 shares. The stock had previously closed at $21.57.

Analysts Set New Price Targets

A number of analysts recently issued reports on NN shares. B. Riley Financial restated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Oppenheimer raised their target price on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. UBS Group set a $25.00 price target on shares of NextNav in a report on Thursday, April 16th. Finally, Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, NextNav presently has an average rating of “Hold” and an average price target of $37.50.

NextNav Stock Up 10.2%

The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of -19.97 and a beta of 1.04. The company has a 50 day simple moving average of $19.16 and a 200 day simple moving average of $16.94.

NextNav (NASDAQ:NN) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.03. The firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.94 million. On average, research analysts forecast that NextNav Inc. will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling at NextNav

In related news, CFO Timothy Gray sold 1,405 shares of NextNav stock in a transaction on Friday, March 20th. The shares were sold at an average price of $18.11, for a total transaction of $25,444.55. Following the transaction, the chief financial officer owned 131,786 shares in the company, valued at approximately $2,386,644.46. The trade was a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel James S. Black sold 9,429 shares of NextNav stock in a transaction on Friday, March 20th. The shares were sold at an average price of $17.97, for a total transaction of $169,439.13. Following the transaction, the general counsel owned 93,566 shares in the company, valued at $1,681,381.02. The trade was a 9.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 101,133 shares of company stock worth $1,943,851. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

Hedge funds and other institutional investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd lifted its holdings in shares of NextNav by 347.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock valued at $37,000 after acquiring an additional 1,721 shares in the last quarter. KBC Group NV acquired a new position in shares of NextNav during the 1st quarter valued at $38,000. Clearstead Advisors LLC acquired a new position in shares of NextNav during the 3rd quarter valued at $52,000. Kemnay Advisory Services Inc. acquired a new position in shares of NextNav during the 4th quarter valued at $97,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of NextNav during the 4th quarter valued at $109,000. Institutional investors and hedge funds own 79.16% of the company’s stock.

About NextNav

NextNav, Inc is a provider of advanced 3D geolocation infrastructure and positioning services in the United States. The company operates a nationwide network designed to deliver real-time horizontal and vertical location data for consumer, enterprise and public safety applications. By leveraging spectrum holdings in the 900 MHz band, NextNav’s network offers precise altitude and position information that complements GPS and other satellite systems, particularly in urban canyons, indoors or underground environments where traditional signals struggle.

At the core of NextNav’s offering is its TerraPoiNT platform, which enables developers, carriers and emergency response centers to integrate high-accuracy vertical location into their applications and workflows.