NextNav Inc. (NASDAQ:NN) Receives Average Rating of "Hold" from Brokerages

Key Points

• Analysts have a “Hold” consensus on NextNav, with three buys, one hold and one sell among five firms. The average 12-month price target is $32.33, though recent ratings have been mixed.
• NextNav shares opened at $15.18, compared with a 52-week range of $10.87 to $24.42. The company reported a quarterly loss of $0.24 per share, missing estimates by $0.08, while revenue of $1.15 million exceeded expectations.
• Institutional investors own approximately 79.16% of NextNav, with several major holders increasing their positions. Insiders sold 76,567 shares worth about $1.2 million in the latest quarter, with the sales conducted under pre-arranged plans to cover tax obligations.

Shares of NextNav Inc. (NASDAQ:NN - Get Free Report) have received an average recommendation of "Hold" from the five research firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $32.3333.

A number of research firms have recently issued reports on NN. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NextNav in a report on Friday, July 17th. Zacks Research cut NextNav from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th. Wall Street Zen downgraded NextNav from a "hold" rating to a "sell" rating in a research report on Saturday, August 29th. Oppenheimer lifted their price target on NextNav from $25.00 to $50.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 3rd. Finally, Odeon Capital Group initiated coverage on NextNav in a report on Monday, July 20th. They issued a "buy" rating and a $22.00 price objective for the company.

Insider Buying and Selling

In related news, General Counsel James Black sold 1,878 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $22.96, for a total value of $43,118.88. Following the completion of the sale, the general counsel owned 91,688 shares in the company, valued at $2,105,156.48. The trade was a 2.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available 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, CEO Mariam Sorond sold 69,853 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total value of $1,068,750.90. Following the completion of the sale, the chief executive officer directly owned 1,171,792 shares of the company's stock, valued at approximately $17,928,417.60. This represents a 5.63% decrease in their position. 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 76,567 shares of company stock worth $1,199,531 in the last quarter. 7.80% of the stock is owned by insiders.

Hedge Funds Weigh In On NextNav

A number of large investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its holdings in shares of 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 buying an additional 1,418,363 shares during the period. Van ECK Associates Corp boosted its holdings in NextNav by 79.5% during the 4th quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company's stock valued at $22,955,000 after acquiring an additional 611,179 shares during the period. Susquehanna Advisors Group Inc. grew its position in NextNav by 12.1% during the 3rd quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company's stock worth $77,325,000 after acquiring an additional 584,804 shares during the last quarter. Vanguard Group Inc. grew its position in NextNav by 9.0% during the 4th quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company's stock worth $115,361,000 after acquiring an additional 573,214 shares during the last quarter. Finally, Philosophy Capital Management LLC purchased a new position in NextNav in the 3rd quarter worth approximately $7,791,000. Hedge funds and other institutional investors own 79.16% of the company's stock.

NextNav Price Performance

Shares of NN opened at $15.18 on Tuesday. The firm's 50 day simple moving average is $15.64 and its 200 day simple moving average is $17.57. The company has a market capitalization of $2.56 billion, a P/E ratio of -15.65 and a beta of 1.12. NextNav has a 1-year low of $10.87 and a 1-year high of $24.42.

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

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.

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.