NextNav Sees Unusually Large Options Volume (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the target of unusually large options trading on Thursday. Stock traders bought 99,692 call options on the company. This represents an increase of 465% compared to the typical volume of 17,630 call options.

Insider Buying and Selling

In other NextNav news, General Counsel James S. Black sold 1,878 shares of the business’s 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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, CAO Sammaad Shams sold 2,006 shares of the company’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $17.84, for a total value of $35,787.04. Following the sale, the chief accounting officer owned 70,944 shares of the company’s stock, valued at $1,265,640.96. This represents a 2.75% 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. In the last ninety days, insiders have sold 76,567 shares of company stock valued at $1,522,252. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NextNav

A number of institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its position in NextNav by 79.5% in the 4th quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company’s stock valued at $22,955,000 after buying an additional 611,179 shares during the last quarter. Susquehanna Advisors Group Inc. increased its position in shares of NextNav by 12.1% during the third quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company’s stock worth $77,325,000 after acquiring an additional 584,804 shares during the last quarter. Vanguard Group Inc. increased its position in shares of 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 last quarter. Philosophy Capital Management LLC acquired a new position in shares of NextNav in the third quarter worth about $7,791,000. Finally, UBS Group AG lifted its stake in shares of NextNav by 35.0% in the fourth quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock worth $33,144,000 after acquiring an additional 516,045 shares in the last quarter. Institutional investors and hedge funds own 79.16% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. Wall Street Zen raised shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. UBS Group set a $25.00 price target on shares of NextNav in a report on Thursday, April 16th. Odeon Capital Group assumed coverage on shares of NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 price target on the stock. Finally, Oppenheimer increased their price objective on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. One equities research 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 company. Based on data from MarketBeat.com, NextNav currently has a consensus rating of “Moderate Buy” and an average price target of $32.33.

NextNav Price Performance

NextNav stock traded up $0.29 during midday trading on Thursday, hitting $13.40. 996,089 shares of the company were exchanged, compared to its average volume of 2,093,553. The company has a market cap of $1.83 billion, a PE ratio of -11.07 and a beta of 1.06. NextNav has a fifty-two week low of $10.87 and a fifty-two week high of $24.42. The company’s fifty day moving average price is $17.81 and its 200-day moving average price is $17.41.

NextNav (NASDAQ:NN) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.03. The firm had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $0.94 million. On average, analysts expect that NextNav will post -0.48 EPS for the current fiscal year.

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.