Wall Street Zen Upgrades NextNav (NASDAQ:NN) to "Hold"

Key Points

• Wall Street Zen upgraded NextNav from “sell” to “hold,” bringing the overall analyst consensus to “hold” with an average price target of $32.33.
• NextNav shares opened at $14.22, down 4.7%, and remain below their 50-day and 200-day moving averages. The company’s latest quarterly loss of $0.24 per share missed estimates, although revenue of $1.15 million exceeded forecasts.
• Insiders sold 76,998 shares worth approximately $1.18 million over the past 90 days under pre-arranged plans to cover tax obligations, while institutional investors own 79.16% of the stock.

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

NN has been the subject of a number of other reports. Odeon Capital Group assumed coverage on NextNav in a research report on Monday, July 20th. They set a "buy" rating and a $22.00 price objective for the company. Oppenheimer upped their target price on NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of NextNav in a research report on Friday, July 17th. Finally, Zacks Research cut shares of NextNav from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $32.33.

NextNav Stock Down 4.7%

Shares of NASDAQ:NN opened at $14.22 on Friday. The company's fifty day moving average is $15.29 and its two-hundred day moving average is $17.46. The company has a market cap of $2.40 billion, a P/E ratio of -14.66 and a beta of 1.12. NextNav has a 12-month low of $10.87 and a 12-month high of $24.42.

NextNav (NASDAQ:NN - Get Free Report) last issued 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). The business had revenue of $1.15 million during the quarter, compared to analyst estimates of $0.92 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%. Equities research analysts anticipate that NextNav will post -0.46 earnings per share for the current year.

Insider Transactions at NextNav

In other news, General Counsel James Black sold 1,878 shares of the firm's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $15.34, for a total transaction of $28,808.52. Following the transaction, the general counsel 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 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, CEO Mariam Sorond sold 69,853 shares of the company's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the completion of the sale, the chief executive officer owned 1,171,792 shares of the company's stock, valued at $17,928,417.60. This represents a 5.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 have sold a total of 76,998 shares of company stock worth $1,181,378 in the last 90 days. 7.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. KBC Group NV acquired a new stake in NextNav in the 1st quarter worth approximately $38,000. Grove Bank & Trust bought a new position in shares of NextNav in the second quarter valued at approximately $53,000. Caitong International Asset Management Co. Ltd raised its position in shares of NextNav by 732.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,127 shares of the company's stock valued at $69,000 after purchasing an additional 3,631 shares during the period. Sei Investments Co. bought a new position in shares of NextNav in the first quarter valued at approximately $231,000. Finally, Bleakley Financial Group LLC acquired a new stake in shares of NextNav in the fourth quarter worth $245,000. 79.16% of the stock is owned by 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.