NextNav (NASDAQ:NN) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded NextNav from “sell” to “hold.” Across analysts, the stock has a “Moderate Buy” consensus rating and a $32.33 consensus price target.
• NextNav reported a quarterly loss of $0.04 per share, better than the $0.12 loss analysts expected; revenue of $1.58 million also exceeded estimates of $0.99 million.
• Shares opened at $8.73, well below their 52-week high of $24.42. Insiders sold shares in recent months, with the reported sales made to cover tax withholding on vested equity awards.

NextNav (NASDAQ:NN - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday, Wall Street Zen reports.

NN has been the topic of a number of other reports. Wells Fargo & Company restated a "buy" rating on shares of NextNav in a report on Monday, September 21st. Clear Str upgraded shares of NextNav to a "strong-buy" rating in a research note on Monday, September 21st. Odeon Capital Group began coverage on shares of NextNav in a research report on Monday, July 20th. They set a "buy" rating and a $22.00 target price on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of NextNav in a research report on Thursday, October 15th. Finally, Zacks Research lowered shares of NextNav from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $32.33.

NextNav Stock Performance

Shares of NextNav stock opened at $8.73 on Friday. NextNav has a one year low of $7.60 and a one year high of $24.42. The stock's 50-day moving average is $12.15 and its 200 day moving average is $16.06.

NextNav (NASDAQ:NN - Get Free Report) last released its earnings results on Tuesday, November 10th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.08. The business had revenue of $1.58 million during the quarter, compared to analysts' expectations of $0.99 million. NextNav had a negative return on equity of 129.25% and a negative net margin of 2,451.65%. Analysts expect that NextNav will post -0.41 EPS for the current fiscal year.

Insider Activity at NextNav

In related news, CEO Mariam Sorond sold 2,831 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $14.72, for a total transaction of $41,672.32. Following the transaction, the chief executive officer directly owned 1,168,961 shares of the company's stock, valued at approximately $17,207,105.92. This represents a 0.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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, CFO Timothy Gray sold 11,099 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The stock was 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 approximately $1,766,857.68. The trade was a 8.42% decrease in their position. 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. Insiders sold 87,667 shares of company stock valued at $1,331,153 in the last three months. Corporate insiders own 7.80% of the company's stock.

Institutional Investors Weigh In On NextNav

Several hedge funds and other institutional investors have recently modified their holdings of NN. State Street Corp lifted its holdings in shares of NextNav by 14.2% in the 3rd quarter. State Street Corp now owns 2,676,573 shares of the company's stock worth $38,489,000 after purchasing an additional 333,318 shares in the last quarter. General American Investors Co. Inc. acquired a new stake in NextNav in the 3rd quarter valued at $10,063,000. Sona Asset Management US LLC grew its position in NextNav by 37.9% in the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company's stock valued at $8,354,000 after purchasing an additional 143,349 shares during the period. Commonwealth Equity Services LLC acquired a new stake in NextNav in the 3rd quarter valued at $5,319,000. Finally, First Trust Advisors LP increased its stake in NextNav by 3.8% during the 1st quarter. First Trust Advisors LP now owns 296,391 shares of the company's stock valued at $4,748,000 after purchasing an additional 10,761 shares in the last quarter. Institutional investors own 79.16% of the company's stock.

About NextNav

NextNav, Inc. develops positioning, navigation and timing technologies designed to complement and help provide alternatives to satellite-based GPS. Its services support location-aware applications in environments where GPS signals may be limited, including indoors and in urban areas. The company's offerings include Pinnacle, a service that provides vertical location information, such as a device's floor or height within a building, and TerraPoiNT, a terrestrial network designed to deliver positioning and timing signals.

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