NextNav (NASDAQ:NN) Sets New 1-Year High – Time to Buy?

NextNav Inc. (NASDAQ:NN)’s stock price hit a new 52-week high on Friday . The stock traded as high as $21.57 and last traded at $21.49, with a volume of 8251568 shares traded. The stock had previously closed at $16.97.

Analyst Upgrades and Downgrades

NN has been the subject of several recent research reports. UBS Group set a $25.00 price objective on NextNav in a report on Thursday. Oppenheimer raised NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a research note on Thursday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research note on Thursday, January 22nd. Finally, Wall Street Zen cut NextNav from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 21st. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, NextNav has a consensus rating of “Hold” and an average target price of $25.00.

NextNav Trading Up 26.6%

The company has a 50 day moving average of $16.75 and a 200 day moving average of $15.28. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of -13.95 and a beta of 0.98.

NextNav (NASDAQ:NN) last posted its earnings results on Tuesday, March 17th. The company reported ($0.13) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.13). The business had revenue of $0.95 million during the quarter, compared to analyst estimates of $0.86 million. Equities analysts forecast that NextNav Inc. will post -0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel James S. Black sold 9,429 shares of the stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $17.97, for a total transaction of $169,439.13. Following the completion of the sale, the general counsel directly owned 93,566 shares of the company’s stock, valued at approximately $1,681,381.02. This represents a 9.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sammaad Shams sold 3,945 shares of the firm’s stock in a transaction that occurred on Thursday, March 26th. The stock was sold at an average price of $19.54, for a total transaction of $77,085.30. Following the sale, the chief accounting officer owned 72,950 shares in the company, valued at $1,425,443. This trade represents a 5.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 101,133 shares of company stock valued at $1,733,594 over the last 90 days. 7.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On NextNav

A number of hedge funds and other institutional investors have recently made changes to their positions in NN. Caitong International Asset Management Co. Ltd lifted its position 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 in the last quarter. Clearstead Advisors LLC bought a new position in NextNav during the 3rd quarter worth about $52,000. Kemnay Advisory Services Inc. bought a new position in NextNav during the 4th quarter worth about $97,000. Osterweis Capital Management Inc. bought a new position in NextNav during the 4th quarter worth about $109,000. Finally, Kestra Advisory Services LLC bought a new position in NextNav during the 4th quarter worth about $116,000. 79.16% of the stock is currently owned by institutional investors and hedge funds.

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.