NextNav Inc. (NASDAQ:NN) Stock Has Average Price Target of $32.33 According to Brokerages

Key Points

• Analysts have a “Moderate Buy” consensus on NextNav, with four buy ratings, one strong buy, one hold and one sell. The average 12-month price target is $32.33, well above the reported $13.98 share price.
• NextNav’s latest quarter showed a wider-than-expected loss of $0.24 per share versus the $0.16 estimate, although revenue of $1.15 million exceeded expectations of $0.92 million.
• Institutional investors own 79.16% of the company, while insiders have sold 87,667 shares worth approximately $1.33 million over the past 90 days, primarily to cover tax obligations tied to equity awards.

NextNav Inc. (NASDAQ:NN - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the seven brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $32.33.

Several research analysts recently weighed in on NN shares. Clear Str upgraded shares of NextNav to a "strong-buy" rating in a research report on Monday, September 21st. Wells Fargo & Company reiterated a "buy" rating on shares of NextNav in a research note on Monday, September 21st. Odeon Capital Group started coverage on NextNav in a report on Monday, July 20th. They set a "buy" rating and a $22.00 target price for the company. Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a research report on Friday, July 17th. Finally, Zacks Research lowered NextNav from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th.

Insider Buying and Selling at NextNav

In other NextNav news, General Counsel James Black sold 1,878 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $15.34, for a total value 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 sale was disclosed in a document filed with the SEC, which is accessible 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 NextNav stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total transaction of $162,489.36. Following the sale, the chief financial officer directly owned 120,687 shares in the company, valued at approximately $1,766,857.68. This trade represents a 8.42% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 87,667 shares of company stock worth $1,331,153. Corporate insiders own 7.80% of the company's stock.

Hedge Funds Weigh In On NextNav

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sona Asset Management US LLC lifted its stake in NextNav by 37.9% in the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company's stock worth $8,354,000 after purchasing an additional 143,349 shares in the last quarter. Wittenberg Investment Management Inc. lifted its position in NextNav by 384.2% during the fourth quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company's stock worth $2,014,000 after buying an additional 96,056 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new position in NextNav during the second quarter worth $4,012,000. State Street Corp grew its holdings in NextNav by 4.8% in 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 in the last quarter. Finally, Squarepoint Ops LLC grew its holdings in NextNav by 592.0% in the 2nd quarter. Squarepoint Ops LLC now owns 113,073 shares of the company's stock valued at $2,016,000 after buying an additional 96,734 shares in the last quarter. 79.16% of the stock is currently owned by institutional investors and hedge funds.

NextNav Stock Performance

Shares of NASDAQ NN opened at $13.98 on Friday. The firm has a fifty day moving average of $15.44 and a 200 day moving average of $17.30. The firm has a market cap of $2.36 billion, a PE ratio of -14.41 and a beta of 1.16. NextNav has a one year low of $10.87 and a one year high of $24.42.

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

NextNav Company Profile

NextNav Inc develops positioning, navigation and timing technologies designed to provide accurate location information where traditional GPS may be unavailable, unreliable or insufficient. The company's solutions are intended to support applications that require precise two-dimensional and three-dimensional geolocation, including public safety, wireless communications, mapping, transportation and critical infrastructure.

Its Pinnacle platform provides nationwide vertical-location services, enabling devices and networks to determine elevation or floor level in addition to latitude and longitude.

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