NextNav (NASDAQ:NN) Stock Rating Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of NextNav (NASDAQ:NN) from a hold rating to a sell rating in a research note published on Sunday,Wall Street Zen reports.

A number of other equities research analysts also recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. 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 target price for the company. Zacks Research cut shares of NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Wells Fargo & Company reiterated a “buy” rating on shares of NextNav in a research report on Monday, September 21st. Finally, Oppenheimer lifted their price target on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, NextNav presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

NextNav Price Performance

Shares of NextNav stock opened at $14.38 on Friday. The company’s 50 day moving average is $15.32 and its 200 day moving average is $17.40. The company has a market cap of $2.43 billion, a price-to-earnings ratio of -14.82 and a beta of 1.12. NextNav has a twelve month low of $10.87 and a twelve month high of $24.42.

NextNav (NASDAQ:NN) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%.The firm had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $0.92 million. Sell-side analysts expect that NextNav will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel James S. Black sold 1,878 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $15.34, for a total value of $28,808.52. Following the transaction, the general counsel directly owned 89,810 shares in the company, valued at $1,377,685.40. The trade was a 2.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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, CFO Timothy Gray sold 11,099 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $14.64, for a total value of $162,489.36. Following the completion of the transaction, the chief financial officer owned 120,687 shares in the company, valued at $1,766,857.68. The trade was a 8.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 87,667 shares of company stock valued at $1,331,153. Company insiders own 7.80% of the company’s stock.

Institutional Trading of NextNav

Institutional investors have recently made changes to their positions in the business. State Street Corp boosted its stake in NextNav by 4.8% in the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company’s stock worth $41,780,000 after purchasing an additional 108,338 shares during the period. Sona Asset Management US LLC raised its position in shares of NextNav by 37.9% during the first quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock valued at $8,354,000 after buying an additional 143,349 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of NextNav by 12.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company’s stock worth $6,390,000 after buying an additional 41,004 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of NextNav by 3.8% in the first quarter. First Trust Advisors LP now owns 296,391 shares of the company’s stock worth $4,748,000 after buying an additional 10,761 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in NextNav by 1.2% during the first quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock valued at $4,165,000 after acquiring an additional 3,028 shares in the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.

NextNav Company Profile

NextNav Inc (NASDAQ: NN) is a positioning, navigation and timing technology company that develops alternatives and complements to GPS. Its services are designed to provide accurate location and timing information in environments where GPS signals may be weak, unavailable or unreliable, including indoors and in urban areas.

The company’s primary offerings include Pinnacle, a 3D geolocation service that provides precise vertical positioning, and TerraPoiNT, a terrestrial network designed to deliver resilient positioning, navigation and timing signals.