NextNav Target of Unusually Large Options Trading (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the target of unusually large options trading on Wednesday. Stock investors bought 37,942 call options on the company. This represents an increase of 134% compared to the typical daily volume of 16,199 call options.

Insider Activity

In other news, CAO Sammaad Shams sold 2,006 shares of NextNav stock in a transaction on Monday, June 29th. The stock was sold at an average price of $17.84, for a total transaction of $35,787.04. Following the sale, the chief accounting officer directly owned 70,944 shares in the company, 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 SEC, which is available at this hyperlink. 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 NextNav stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $22.96, for a total transaction of $43,118.88. Following the completion of the sale, the general counsel directly owned 91,688 shares in the company, valued at approximately $2,105,156.48. This represents a 2.01% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 sold a total of 76,567 shares of company stock valued at $1,522,252 in the last ninety days. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NextNav

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd grew its stake 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 purchasing an additional 1,721 shares during the period. KBC Group NV bought a new stake in NextNav during the first quarter valued at about $38,000. Grove Bank & Trust purchased a new position in NextNav during the second quarter valued at $53,000. Kemnay Advisory Services Inc. purchased a new stake in shares of NextNav in the fourth quarter worth about $97,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of NextNav during the 4th quarter worth approximately $109,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

NextNav Stock Performance

Shares of NextNav stock traded down $0.36 during midday trading on Wednesday, hitting $14.94. The company had a trading volume of 2,328,467 shares, compared to its average volume of 2,043,582. NextNav has a 52-week low of $10.87 and a 52-week high of $24.42. The company has a 50 day moving average of $19.53 and a 200 day moving average of $17.63. The stock has a market capitalization of $2.04 billion, a P/E ratio of -12.24 and a beta of 1.06.

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NN. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research note on Tuesday, April 21st. B. Riley Financial reiterated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. UBS Group set a $25.00 price objective on NextNav in a report on Thursday, April 16th. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Oppenheimer increased their price objective on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, NextNav currently has a consensus rating of “Hold” and an average target price of $37.50.

NextNav Company Profile

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.