NextNav (NASDAQ:NN) Cut to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded NextNav to “Sell” from “Hold,” while analysts overall maintain a “Hold” consensus with an average price target of $32.33. Ratings remain mixed, ranging from “Sell” to “Buy.”
• NextNav shares recently traded at $15.36, below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.24 per share, missing estimates by $0.08, although revenue of $1.15 million exceeded expectations.
• Insiders sold $1.52 million worth of shares during the latest quarter, while institutional investors own 79.16% of the company. NextNav expects a full-year loss of approximately $0.46 per share.

NextNav (NASDAQ:NN - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Other equities research analysts have also recently issued research reports about the company. Odeon Capital Group initiated coverage on NextNav in a research note on Monday, July 20th. They issued a "buy" rating and a $22.00 price objective for the company. Oppenheimer boosted their price target on shares of NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a research note on Wednesday, June 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of NextNav in a report on Friday, July 17th. Finally, Zacks Research downgraded NextNav from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $32.33.

NextNav Price Performance

Shares of NASDAQ:NN traded down $0.35 during mid-day trading on Friday, hitting $15.36. The company had a trading volume of 2,137,055 shares, compared to its average volume of 3,078,702. The company has a market capitalization of $2.59 billion, a PE ratio of -15.83 and a beta of 1.10. NextNav has a one year low of $10.87 and a one year high of $24.42. The firm has a fifty day moving average price of $15.83 and a 200 day moving average price of $17.60.

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

Insider Transactions at NextNav

In related news, CEO Mariam Sorond sold 2,830 shares of the business's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total transaction of $51,873.90. Following the transaction, the chief executive officer directly owned 1,241,665 shares in the company, valued at approximately $22,759,719.45. The trade was a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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, 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 transaction of $35,787.04. Following the completion of the sale, the chief accounting officer directly owned 70,944 shares of the company's stock, valued at $1,265,640.96. The trade was a 2.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 76,567 shares of company stock worth $1,522,252 in the last quarter. 7.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NextNav

Hedge funds and other institutional investors have recently modified their holdings of the business. Corient Private Wealth LP grew its holdings in shares of NextNav by 66.7% in the second quarter. Corient Private Wealth LP now owns 30,975 shares of the company's stock valued at $552,000 after acquiring an additional 12,393 shares in the last quarter. California State Teachers Retirement System boosted its position in NextNav by 1,457.0% in the second quarter. California State Teachers Retirement System now owns 1,515,710 shares of the company's stock worth $27,025,000 after purchasing an additional 1,418,363 shares during the last quarter. Grove Bank & Trust purchased a new position in NextNav in the second quarter worth $53,000. Bank of America Corp DE grew its stake in NextNav by 1.2% in the 1st quarter. Bank of America Corp DE now owns 260,018 shares of the company's stock valued at $4,165,000 after purchasing an additional 3,028 shares during the period. Finally, Amundi grew its stake in NextNav by 7.5% in the 1st quarter. Amundi now owns 43,703 shares of the company's stock valued at $700,000 after purchasing an additional 3,043 shares during the period. Hedge funds and other institutional investors own 79.16% of the company's stock.

About NextNav

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.

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