Empyrean Capital Partners LP Sells 454,000 Shares of NextNav Inc. $NN

Key Points

• Empyrean Capital Partners cut its NextNav stake by 24.1%, selling 454,000 shares and retaining 1.432 million shares valued at approximately $22.9 million. Institutional investors collectively own 79.16% of the company.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $32.33, despite ratings ranging from Sell to Strong Buy.
• NextNav’s shares opened at $12.68, while the company’s latest quarterly results beat expectations: a loss of $0.12 per share versus the expected $0.15 loss, and revenue of $0.99 million versus the $0.94 million estimate.

Empyrean Capital Partners LP lowered its stake in shares of NextNav Inc. (NASDAQ:NN - Free Report) by 24.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,432,000 shares of the company's stock after selling 454,000 shares during the period. Empyrean Capital Partners LP owned 1.05% of NextNav worth $22,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of NextNav by 9.0% during the fourth 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. Susquehanna Advisors Group Inc. lifted its stake in NextNav by 1.4% in the 4th quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company's stock worth $91,226,000 after purchasing an additional 74,995 shares in the last quarter. Geode Capital Management LLC lifted its stake in NextNav by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company's stock worth $37,754,000 after purchasing an additional 100,058 shares in the last quarter. State Street Corp boosted its holdings in shares of NextNav by 1.9% during the 4th quarter. State Street Corp now owns 2,171,877 shares of the company's stock valued at $36,140,000 after purchasing an additional 40,762 shares during the last quarter. Finally, Plustick Management LLC grew its position in shares of NextNav by 1.3% during the fourth quarter. Plustick Management LLC now owns 2,065,818 shares of the company's stock valued at $34,375,000 after purchasing an additional 25,818 shares in the last quarter. Institutional investors own 79.16% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Odeon Capital Group began coverage on NextNav in a research report on Monday, July 20th. They issued a "buy" rating and a $22.00 target price on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a report on Friday, July 17th. Zacks Research raised NextNav from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. UBS Group set a $25.00 price objective on NextNav in a report on Thursday, April 16th. Finally, Oppenheimer increased their target price on NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a research report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.33.

NextNav Trading Up 1.9%

Shares of NASDAQ:NN opened at $12.68 on Tuesday. The company has a market cap of $1.73 billion, a price-to-earnings ratio of -10.48 and a beta of 1.06. NextNav Inc. has a 12 month low of $10.87 and a 12 month high of $24.42. The company has a 50-day moving average price of $18.20 and a 200 day moving average price of $17.42.

NextNav (NASDAQ:NN - Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.03. The company had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.94 million. As a group, equities analysts forecast that NextNav Inc. will post -0.48 EPS for the current year.

Insider Activity

In other news, CAO Sammaad Shams sold 2,006 shares of the business's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 70,944 shares of the company's stock, valued at approximately $1,265,640.96. The trade was a 2.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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, General Counsel James S. Black sold 1,878 shares of the firm's stock in a transaction 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 of the company's stock, valued at approximately $2,105,156.48. This represents a 2.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders have sold 76,567 shares of company stock valued at $1,522,252. 7.80% of the stock is currently owned by insiders.

NextNav Profile

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.

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