Sona Asset Management US LLC Increases Stock Holdings in NextNav Inc. $NN

Sona Asset Management US LLC boosted its stake in NextNav Inc. (NASDAQ:NN) by 37.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 521,477 shares of the company’s stock after acquiring an additional 143,349 shares during the quarter. Sona Asset Management US LLC owned about 0.38% of NextNav worth $8,354,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in NN. Caitong International Asset Management Co. Ltd boosted its stake in shares of NextNav by 347.0% in the fourth 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 purchased a new position in NextNav in the 1st quarter valued at about $38,000. Kemnay Advisory Services Inc. purchased a new position in NextNav in the 4th quarter valued at about $97,000. Osterweis Capital Management Inc. acquired a new stake in shares of NextNav during the fourth quarter valued at about $109,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of NextNav during the fourth quarter valued at about $116,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

Wall Street Analyst Weigh In

NN has been the topic of a number of analyst reports. Wall Street Zen raised NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Zacks Research upgraded NextNav from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Odeon Capital Group initiated coverage on NextNav in a report on Monday, July 20th. They set a “buy” rating and a $22.00 price objective on the stock. Finally, UBS Group set a $25.00 target price on NextNav in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.

NextNav Stock Performance

NN opened at $12.44 on Monday. The company has a market capitalization of $1.70 billion, a P/E ratio of -10.28 and a beta of 1.06. The company has a 50-day moving average of $18.38 and a 200-day moving average of $17.44. NextNav Inc. has a 1-year low of $10.87 and a 1-year high of $24.42.

NextNav (NASDAQ:NN) last issued 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 company had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.94 million. As a group, sell-side analysts expect that NextNav Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling at NextNav

In other NextNav news, General Counsel James S. Black sold 1,878 shares of the stock in a transaction that occurred 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 transaction, the general counsel owned 91,688 shares of the company’s stock, valued at $2,105,156.48. This trade represents a 2.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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, CAO Sammaad Shams sold 2,006 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $17.84, for a total value of $35,787.04. Following the transaction, the chief accounting officer directly owned 70,944 shares in the company, valued at approximately $1,265,640.96. This represents a 2.75% 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 have sold 76,567 shares of company stock worth $1,522,252 over the last quarter. 7.80% of the stock is owned by corporate insiders.

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.