20,230 Shares in NextNav Inc. $NN Purchased by Cresset Asset Management LLC

Key Points

• Cresset Asset Management LLC has taken a new position in NextNav Inc. by purchasing approximately 20,230 shares valued at around $246,000 during the first quarter.
• Institutional investors collectively own 79.16% of NextNav's stock, with several firms increasing their stakes significantly in recent quarters.
• NextNav reported a negative EPS of ($0.30) for the latest quarter, missing analyst expectations, and has a consensus rating of "Hold" with a price target of $20.00.

Cresset Asset Management LLC purchased a new position in shares of NextNav Inc. (NASDAQ:NN - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 20,230 shares of the company's stock, valued at approximately $246,000.

Several other hedge funds have also recently modified their holdings of the stock. Harbor Investment Advisory LLC lifted its holdings in NextNav by 331.0% in the first quarter. Harbor Investment Advisory LLC now owns 2,155 shares of the company's stock valued at $26,000 after acquiring an additional 1,655 shares during the period. Harbor Capital Advisors Inc. acquired a new stake in NextNav in the first quarter valued at $73,000. GAMMA Investing LLC lifted its holdings in NextNav by 1,754.6% in the first quarter. GAMMA Investing LLC now owns 10,052 shares of the company's stock valued at $122,000 after acquiring an additional 9,510 shares during the period. Golden State Wealth Management LLC lifted its holdings in NextNav by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 10,000 shares of the company's stock valued at $122,000 after acquiring an additional 5,000 shares during the period. Finally, DCF Advisers LLC acquired a new stake in NextNav in the first quarter valued at $158,000. 79.16% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised NextNav to a "strong sell" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $20.00.

NextNav Price Performance

Shares of NASDAQ:NN traded down $0.13 during midday trading on Monday, hitting $17.81. 1,484,488 shares of the stock were exchanged, compared to its average volume of 1,242,671. The stock has a market cap of $2.37 billion, a P/E ratio of -13.81 and a beta of 1.05. The company has a current ratio of 14.97, a quick ratio of 14.97 and a debt-to-equity ratio of 32.42. NextNav Inc. has a twelve month low of $6.75 and a twelve month high of $18.54. The company has a 50 day moving average price of $15.39 and a 200-day moving average price of $13.32.

NextNav (NASDAQ:NN - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.16). The firm had revenue of $1.20 million for the quarter, compared to analyst estimates of $1.59 million. NextNav had a negative return on equity of 556.83% and a negative net margin of 2,678.59%. On average, research analysts forecast that NextNav Inc. will post -0.74 earnings per share for the current year.

Insider Activity

In other news, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction on Friday, June 20th. The stock was sold at an average price of $14.38, for a total transaction of $1,004,486.14. Following the completion of the transaction, the chief executive officer owned 1,480,505 shares of the company's stock, valued at $21,289,661.90. The trade was a 4.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 7.70% of the stock is owned by company insiders.

NextNav Profile

NextNav Inc provides next generation positioning, navigation, and timing (PNT) solutions in the United States. It offers Pinnacle, a dedicated vertical positioning network to cover entire metropolitan areas including devices equipped with a barometric pressure sensor with the highest quality wide-area altitude service.