Goldman Sachs Group Inc. Increases Stock Position in NextNav Inc. $NN

Key Points

• Goldman Sachs Group Inc. increased its stake in NextNav Inc. by 34.5% during the 1st quarter, now holding 468,748 shares valued at approximately $5.7 million.
• Institutional investors control 79.16% of NextNav's shares, with significant increases from firms like Ameriprise Financial and Deutsche Bank.
• NextNav has been assigned a "Hold" rating by analysts, with a consensus target price of $20.00, following a earnings miss and consecutive negative earnings per share.

Goldman Sachs Group Inc. boosted its stake in shares of NextNav Inc. (NASDAQ:NN - Free Report) by 34.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 468,748 shares of the company's stock after buying an additional 120,123 shares during the quarter. Goldman Sachs Group Inc. owned 0.35% of NextNav worth $5,705,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in NN. Ameriprise Financial Inc. lifted its position in shares of NextNav by 67.7% during the fourth quarter. Ameriprise Financial Inc. now owns 19,548 shares of the company's stock worth $304,000 after purchasing an additional 7,888 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of NextNav during the fourth quarter worth about $164,000. Cetera Investment Advisers acquired a new stake in shares of NextNav during the fourth quarter worth about $232,000. Deutsche Bank AG lifted its position in shares of NextNav by 54.0% during the fourth quarter. Deutsche Bank AG now owns 67,492 shares of the company's stock worth $1,050,000 after purchasing an additional 23,679 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of NextNav by 6.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,996 shares of the company's stock worth $685,000 after purchasing an additional 2,744 shares in the last quarter. Institutional investors and hedge funds own 79.16% of the company's stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

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

NextNav Stock Performance

NASDAQ:NN opened at $17.50 on Tuesday. The firm's fifty day moving average price is $15.70 and its 200 day moving average price is $13.72. NextNav Inc. has a 1-year low of $6.75 and a 1-year high of $18.54. The company has a debt-to-equity ratio of 32.42, a current ratio of 14.97 and a quick ratio of 14.97. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -13.57 and a beta of 1.05.

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

About NextNav

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.

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