MAI Capital Management Acquires 47,537 Shares of NextNav Inc. $NN

Key Points

• MAI Capital Management increased its holdings in NextNav Inc. by 2,376.9%, acquiring a total of 49,537 shares valued at approximately $603,000.
• NextNav recently reported a loss of ($0.30) per share for the quarter, falling short of analysts' estimates, with revenues of $1.20 million.
• The stock is currently rated as a "Hold" by analysts, with a consensus price target of $20.00, despite one analyst assigning a "strong sell" rating.

MAI Capital Management grew its stake in NextNav Inc. (NASDAQ:NN - Free Report) by 2,376.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,537 shares of the company's stock after purchasing an additional 47,537 shares during the quarter. MAI Capital Management's holdings in NextNav were worth $603,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of NN. Vanguard Group Inc. lifted its holdings in NextNav by 17.8% during the first quarter. Vanguard Group Inc. now owns 4,732,231 shares of the company's stock worth $57,591,000 after acquiring an additional 715,171 shares during the period. Voloridge Investment Management LLC lifted its holdings in NextNav by 466.5% during the fourth quarter. Voloridge Investment Management LLC now owns 657,996 shares of the company's stock worth $10,238,000 after acquiring an additional 541,842 shares during the period. Epoch Investment Partners Inc. lifted its holdings in NextNav by 220.7% during the first quarter. Epoch Investment Partners Inc. now owns 449,272 shares of the company's stock worth $5,468,000 after acquiring an additional 309,175 shares during the period. General American Investors Co. Inc. lifted its holdings in NextNav by 31.0% during the first quarter. General American Investors Co. Inc. now owns 1,120,227 shares of the company's stock worth $13,633,000 after acquiring an additional 265,227 shares during the period. Finally, Invesco Ltd. lifted its holdings in NextNav by 32.0% during the first quarter. Invesco Ltd. now owns 940,335 shares of the company's stock worth $11,444,000 after acquiring an additional 227,950 shares during the period. 79.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Zacks Research upgraded 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 stock. According to MarketBeat.com, NextNav presently has an average rating of "Hold" and a consensus target price of $20.00.

Insider Buying and Selling at NextNav

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 value of $1,004,486.14. Following the completion of the transaction, the chief executive officer directly owned 1,480,505 shares in the company, valued at approximately $21,289,661.90. The trade was a 4.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.70% of the company's stock.

NextNav Stock Performance

Shares of NASDAQ NN traded up $0.78 during mid-day trading on Tuesday, hitting $16.56. The company had a trading volume of 1,534,215 shares, compared to its average volume of 1,346,039. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -12.84 and a beta of 1.05. NextNav Inc. has a 1 year low of $6.75 and a 1 year high of $18.54. The company has a current ratio of 14.97, a quick ratio of 14.97 and a debt-to-equity ratio of 32.42. The stock's 50-day moving average price is $15.58 and its 200-day moving average price is $13.50.

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

NextNav Company 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.