NextNav (NASDAQ:NN) Upgraded by Clear Str to Strong-Buy Rating

Key Points

• Clear Str upgraded NextNav to “strong buy,” while the broader analyst consensus remains “moderate buy” with an average price target of $32.33.
• NextNav shares opened at $14.39, well below their 52-week high of $24.42. In its latest quarter, the company reported a larger-than-expected loss of $0.24 per share but revenue of $1.15 million, ahead of estimates.
• Insiders sold 78,574 shares worth about $1.2 million over the past three months, while institutional investors and hedge funds own approximately 79.16% of the stock.

NextNav (NASDAQ:NN - Get Free Report) was upgraded by equities research analysts at Clear Str to a "strong-buy" rating in a research note issued to investors on Monday, Zacks reports.

NN has been the topic of a number of other research reports. Wall Street Zen raised shares of NextNav from a "sell" rating to a "hold" rating in a report on Saturday, September 19th. Oppenheimer upped their target price 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. Weiss Ratings reissued a "sell (d-)" rating on shares of NextNav in a research note on Friday, July 17th. Zacks Research lowered shares of NextNav from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 20th. Finally, Odeon Capital Group initiated coverage on shares of NextNav in a report on Monday, July 20th. They issued a "buy" rating and a $22.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.33.

NextNav Stock Performance

Shares of NN opened at $14.39 on Monday. The company has a market cap of $2.43 billion, a price-to-earnings ratio of -14.83 and a beta of 1.12. The stock has a fifty day moving average price of $15.28 and a two-hundred day moving average price of $17.43. NextNav has a 52-week low of $10.87 and a 52-week high of $24.42.

NextNav (NASDAQ:NN - Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate 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 business had revenue of $1.15 million for the quarter, compared to the consensus estimate of $0.92 million. As a group, research analysts predict that NextNav will post -0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Mariam Sorond sold 2,831 shares of the firm's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total value of $41,672.32. Following the transaction, the chief executive officer owned 1,168,961 shares of the company's stock, valued at approximately $17,207,105.92. This trade represents a 0.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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, General Counsel James S. Black sold 1,878 shares of NextNav stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $15.34, for a total transaction of $28,808.52. Following the sale, the general counsel owned 89,810 shares of the company's stock, valued at approximately $1,377,685.40. This represents a 2.05% decrease in their position. 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 three months, insiders sold 78,574 shares of company stock valued at $1,204,451. 7.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NextNav

Several large investors have recently bought and sold shares of the business. Sona Asset Management US LLC grew its holdings in NextNav by 37.9% during the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company's stock worth $8,354,000 after acquiring an additional 143,349 shares during the period. Wittenberg Investment Management Inc. lifted its stake in shares of NextNav by 384.2% in the 4th quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company's stock valued at $2,014,000 after purchasing an additional 96,056 shares during the period. BlueCrest Capital Management Ltd acquired a new position in shares of NextNav in the 2nd quarter valued at $4,012,000. Squarepoint Ops LLC boosted its position in shares of NextNav by 592.0% in 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 during the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in shares of NextNav by 12.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company's stock worth $6,390,000 after purchasing an additional 41,004 shares during the last quarter. 79.16% of the stock is currently owned by institutional investors and hedge funds.

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.

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