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 raised its stake in NextNav Inc. (NASDAQ:NN - Free Report) by 2,376.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,537 shares of the company's stock after buying an additional 47,537 shares during the quarter. MAI Capital Management's holdings in NextNav were worth $603,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of NN. Vanguard Group Inc. increased its stake in shares of NextNav by 17.8% in the 1st quarter. Vanguard Group Inc. now owns 4,732,231 shares of the company's stock valued at $57,591,000 after acquiring an additional 715,171 shares during the last quarter. Voloridge Investment Management LLC increased its stake in NextNav by 466.5% in the fourth quarter. Voloridge Investment Management LLC now owns 657,996 shares of the company's stock valued at $10,238,000 after purchasing an additional 541,842 shares in the last quarter. Epoch Investment Partners Inc. increased its stake in NextNav by 220.7% in the first quarter. Epoch Investment Partners Inc. now owns 449,272 shares of the company's stock valued at $5,468,000 after purchasing an additional 309,175 shares in the last quarter. General American Investors Co. Inc. raised its holdings in NextNav by 31.0% in the first quarter. General American Investors Co. Inc. now owns 1,120,227 shares of the company's stock worth $13,633,000 after purchasing an additional 265,227 shares during the period. Finally, Invesco Ltd. boosted its position in shares of 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 purchasing an additional 227,950 shares in the last quarter. 79.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Mariam Sorond sold 69,853 shares of the business's stock in a transaction dated 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 sale, the chief executive officer directly owned 1,480,505 shares in the company, valued at $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 SEC, which is available at the SEC website. 7.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded 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 company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $20.00.

NextNav Stock Down 0.3%

NN stock traded down $0.05 during mid-day trading on Wednesday, hitting $16.50. 1,498,435 shares of the company were exchanged, compared to its average volume of 1,341,768. The company has a debt-to-equity ratio of 32.42, a quick ratio of 14.97 and a current ratio of 14.97. NextNav Inc. has a 1-year low of $6.75 and a 1-year high of $18.54. The firm's 50 day simple moving average is $15.62 and its 200 day simple moving average is $13.54. The firm has a market cap of $2.20 billion, a P/E ratio of -12.79 and a beta of 1.05.

NextNav (NASDAQ:NN - Get Free Report) last issued its quarterly earnings data 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). NextNav had a negative return on equity of 556.83% and a negative net margin of 2,678.59%.The company had revenue of $1.20 million for the quarter, compared to the consensus estimate of $1.59 million. On average, sell-side analysts predict that NextNav Inc. will post -0.74 EPS for the current fiscal 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.