NextNav Sees Unusually High Options Volume (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the target of unusually large options trading on Tuesday. Stock traders bought 111,581 call options on the stock. This represents an increase of approximately 658% compared to the typical daily volume of 14,722 call options.

Insider Transactions at NextNav

In other news, CAO Sammaad Shams sold 2,006 shares of NextNav stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $17.84, for a total transaction of $35,787.04. Following the completion of the transaction, the chief accounting officer directly owned 70,944 shares of the company’s stock, valued at $1,265,640.96. The trade was a 2.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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, General Counsel James S. Black sold 1,878 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $22.96, for a total transaction of $43,118.88. Following the sale, the general counsel directly owned 91,688 shares in the company, valued at $2,105,156.48. This trade represents a 2.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders have sold 76,567 shares of company stock valued at $1,522,252 in the last 90 days. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of NextNav

Several large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd raised its holdings in NextNav by 347.0% in 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 during the last quarter. KBC Group NV acquired a new stake in shares of NextNav in the first quarter valued at approximately $38,000. Clearstead Advisors LLC acquired a new stake in shares of NextNav in the third quarter valued at approximately $52,000. Kemnay Advisory Services Inc. purchased a new position in NextNav during the fourth quarter worth approximately $97,000. Finally, Osterweis Capital Management Inc. purchased a new position in NextNav during the fourth quarter worth approximately $109,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

NextNav Price Performance

NASDAQ NN traded up $0.08 during mid-day trading on Tuesday, hitting $17.91. The stock had a trading volume of 1,617,418 shares, compared to its average volume of 2,073,448. The firm’s 50 day moving average is $20.09 and its 200 day moving average is $17.64. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -14.80 and a beta of 1.04. NextNav has a twelve month low of $10.87 and a twelve month high of $24.42.

NextNav (NASDAQ:NN) last announced its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.03. The business had revenue of $0.99 million for the quarter, compared to analyst estimates of $0.94 million. As a group, equities research analysts expect that NextNav will post -0.48 earnings per share for the current year.

Analyst Ratings Changes

NN has been the topic of several research analyst reports. UBS Group set a $25.00 price objective on NextNav in a report on Thursday, April 16th. Oppenheimer lifted their price target on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. B. Riley Financial restated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. Finally, Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $37.50.

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.