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

Key Points

• Wall Street Zen downgraded NextNav from “hold” to “sell,” although the broader analyst consensus remains “Moderate Buy” with a $32.33 target price.
• NextNav opened at $14.38, well below its 52-week high of $24.42. Its latest quarterly results missed EPS estimates, reporting a loss of $0.24 per share versus the expected $0.16 loss, despite revenue exceeding forecasts.
• Insiders sold 89,673 shares worth approximately $1.37 million over the past quarter, while institutional investors own 79.16% of the company.

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

NN has been the subject of several other research reports. Zacks Research cut NextNav from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th. Wells Fargo & Company reissued a "buy" rating on shares of NextNav in a research note on Monday, September 21st. Clear Str upgraded shares of NextNav to a "strong-buy" rating in a research report on Monday, September 21st. Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a research note on Friday, July 17th. Finally, Oppenheimer lifted their target price on shares of NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. One 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 given a Sell rating to the company. According to data from MarketBeat, NextNav currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.33.

NextNav Stock Performance

NASDAQ NN opened at $14.38 on Friday. The firm 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 one year low of $10.87 and a one year high of $24.42. The firm has a 50 day simple moving average of $15.32 and a 200-day simple moving average of $17.40.

NextNav (NASDAQ:NN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) earnings per share 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 company had revenue of $1.15 million for the quarter, compared to analyst estimates of $0.92 million. Equities analysts predict that NextNav will post -0.46 EPS for the current fiscal year.

Insider Transactions at NextNav

In other NextNav news, General Counsel James S. Black sold 1,878 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $15.34, for a total transaction of $28,808.52. Following the completion of the transaction, the general counsel directly owned 89,810 shares in the company, valued at approximately $1,377,685.40. This trade represents a 2.05% decrease in their position. The transaction 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, CFO Timothy Gray sold 11,099 shares of NextNav stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total transaction of $162,489.36. Following the transaction, the chief financial officer owned 120,687 shares of the company's stock, valued at approximately $1,766,857.68. The trade was a 8.42% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 89,673 shares of company stock worth $1,366,940. Corporate insiders own 7.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. State Street Corp grew its holdings in NextNav by 4.8% during the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company's stock valued at $41,780,000 after buying an additional 108,338 shares during the last quarter. BlueCrest Capital Management Ltd acquired a new stake in shares of NextNav during the second quarter valued at $4,012,000. Squarepoint Ops LLC increased its position in NextNav by 592.0% during the 2nd quarter. Squarepoint Ops LLC now owns 113,073 shares of the company's stock worth $2,016,000 after purchasing an additional 96,734 shares in the last quarter. Corient Private Wealth LP increased its position in NextNav by 66.7% during the 2nd quarter. Corient Private Wealth LP now owns 30,975 shares of the company's stock worth $552,000 after purchasing an additional 12,393 shares in the last quarter. Finally, Grove Bank & Trust acquired a new position in NextNav in the 2nd quarter valued at about $53,000. 79.16% of the stock is owned by hedge funds and other institutional investors.

About NextNav

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.