108,338 NextNav Inc. $NN Shares Purchased by State Street Corp

Key Points

• State Street increased its NextNav stake by 4.8% in the second quarter, purchasing 108,338 shares and bringing its holdings to 2.34 million shares worth approximately $41.8 million. Institutional investors collectively own 79.16% of the company.
• NextNav reported a quarterly loss of $0.24 per share, missing the $0.16 consensus estimate, while revenue of $1.15 million exceeded expectations. The company remains deeply unprofitable, with a negative net margin of 3,232.19%.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating and a $32.33 price target versus the stock’s reported $14.45 price. Recent insider sales were made under pre-arranged plans primarily to cover tax obligations.

State Street Corp grew its position in NextNav Inc. (NASDAQ:NN - Free Report) by 4.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,343,255 shares of the company's stock after purchasing an additional 108,338 shares during the period. State Street Corp owned about 1.39% of NextNav worth $41,780,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. BlueCrest Capital Management Ltd purchased a new position in shares of NextNav in the 2nd quarter worth approximately $4,012,000. Squarepoint Ops LLC grew its stake 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 purchasing an additional 96,734 shares during the period. Corient Private Wealth LP grew its stake in NextNav by 66.7% in the 2nd quarter. Corient Private Wealth LP now owns 30,975 shares of the company's stock valued at $552,000 after purchasing an additional 12,393 shares during the period. Grove Bank & Trust purchased a new stake in shares of NextNav during the 2nd quarter valued at $53,000. Finally, Bank of America Corp DE increased its position in shares of NextNav by 1.2% during the 1st quarter. Bank of America Corp DE now owns 260,018 shares of the company's stock valued at $4,165,000 after purchasing an additional 3,028 shares during the last quarter. 79.16% of the stock is owned by institutional investors.

Insider Activity at NextNav

In other NextNav news, CEO Mariam Sorond sold 2,831 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total value of $41,672.32. Following the completion of the transaction, the chief executive officer owned 1,168,961 shares of the company's stock, valued at $17,207,105.92. The trade was a 0.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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, CAO Sammaad Shams sold 2,006 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $17.84, for a total transaction of $35,787.04. Following the completion of the transaction, the chief accounting officer directly owned 70,944 shares in the company, valued at $1,265,640.96. The trade was a 2.75% decrease in their position. 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 78,574 shares of company stock valued at $1,204,451 over the last three months. 7.80% of the stock is owned by corporate insiders.

NextNav Stock Performance

NASDAQ:NN opened at $14.45 on Friday. NextNav Inc. has a 52-week low of $10.87 and a 52-week high of $24.42. The stock has a fifty day moving average of $15.29 and a 200 day moving average of $17.42. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of -14.90 and a beta of 1.12.

NextNav (NASDAQ:NN - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share 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 analysts' expectations of $0.92 million. NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. Equities analysts forecast that NextNav Inc. will post -0.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NextNav in a research report on Friday, July 17th. Zacks Research downgraded NextNav from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th. Odeon Capital Group initiated coverage on NextNav in a report on Monday, July 20th. They set a "buy" rating and a $22.00 price objective for the company. Wells Fargo & Company reissued a "buy" rating on shares of NextNav in a research report on Monday. Finally, Oppenheimer boosted their target price on NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $32.33.

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.

Want to see what other hedge funds are holding NN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NextNav Inc. (NASDAQ:NN - Free Report).

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.