NextNav (NASDAQ:NN) Stock Price Up 5.7% – Here’s Why

NextNav Inc. (NASDAQ:NN) shot up 5.7% during mid-day trading on Friday . The stock traded as high as $17.15 and last traded at $17.62. Approximately 174,454 shares were traded during trading, a decline of 91% from the average session volume of 2,037,838 shares. The stock had previously closed at $16.67.

Wall Street Analysts Forecast Growth

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

NextNav Stock Performance

The company has a 50 day moving average of $20.16 and a two-hundred day moving average of $17.62. The stock has a market capitalization of $2.32 billion, a PE ratio of -14.14 and a beta of 1.04.

NextNav (NASDAQ:NN) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.03. The business had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $0.94 million. As a group, research analysts predict that NextNav Inc. will post -0.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other NextNav news, 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 owned 91,688 shares of the company’s stock, valued at approximately $2,105,156.48. The trade was a 2.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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, CEO Mariam Sorond sold 69,853 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $19.92, for a total value of $1,391,471.76. Following the completion of the transaction, the chief executive officer directly owned 1,244,495 shares in the company, valued at $24,790,340.40. This represents a 5.31% decrease in their ownership of the stock. 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 74,561 shares of company stock valued at $1,486,465 in the last 90 days. 7.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in NextNav by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock worth $115,361,000 after acquiring an additional 573,214 shares during the period. Susquehanna Advisors Group Inc. increased its stake in shares of NextNav by 1.4% in the 4th quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company’s stock valued at $91,226,000 after purchasing an additional 74,995 shares in the last quarter. Geode Capital Management LLC raised its holdings in NextNav by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company’s stock worth $37,754,000 after purchasing an additional 100,058 shares during the period. State Street Corp boosted its position in NextNav by 1.9% during the fourth quarter. State Street Corp now owns 2,171,877 shares of the company’s stock worth $36,140,000 after purchasing an additional 40,762 shares in the last quarter. Finally, Plustick Management LLC boosted its position in NextNav by 1.3% during the fourth quarter. Plustick Management LLC now owns 2,065,818 shares of the company’s stock worth $34,375,000 after purchasing an additional 25,818 shares in the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.

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.