Squarepoint Ops LLC Boosts Stock Position in NextNav Inc. $NN

Squarepoint Ops LLC raised its holdings in NextNav Inc. (NASDAQ:NN - Free Report) by 592.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 113,073 shares of the company's stock after purchasing an additional 96,734 shares during the period. Squarepoint Ops LLC owned about 0.07% of NextNav worth $2,016,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Corient Private Wealth LP lifted its position in shares of NextNav by 66.7% during the second quarter. Corient Private Wealth LP now owns 30,975 shares of the company's stock worth $552,000 after purchasing an additional 12,393 shares during the last quarter. California State Teachers Retirement System increased its holdings in NextNav by 1,457.0% in the second quarter. California State Teachers Retirement System now owns 1,515,710 shares of the company's stock valued at $27,025,000 after buying an additional 1,418,363 shares during the last quarter. Grove Bank & Trust acquired a new stake in NextNav during the second quarter valued at approximately $53,000. Bank of America Corp DE raised its stake in NextNav by 1.2% during the first quarter. Bank of America Corp DE now owns 260,018 shares of the company's stock valued at $4,165,000 after buying an additional 3,028 shares in the last quarter. Finally, Amundi lifted its holdings in NextNav by 7.5% during the 1st quarter. Amundi now owns 43,703 shares of the company's stock worth $700,000 after buying an additional 3,043 shares during the last quarter. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on NN. Wall Street Zen lowered NextNav from a "hold" rating to a "sell" rating in a research report on Saturday, August 29th. Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a research note on Friday, July 17th. Odeon Capital Group started coverage on shares of NextNav in a report on Monday, July 20th. They issued a "buy" rating and a $22.00 price objective for the company. Zacks Research lowered shares of NextNav from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th. Finally, Oppenheimer increased their target price on shares of NextNav from $25.00 to $50.00 and gave the stock an "outperform" rating in a report on Wednesday, June 3rd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $32.33.

Insider Activity at NextNav

In other NextNav news, CAO Sammaad Shams sold 2,006 shares of the business's stock in a transaction 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 completion of the transaction, the chief accounting officer owned 70,944 shares in the company, valued at approximately $1,265,640.96. The trade was a 2.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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, CEO Mariam Sorond sold 69,853 shares of the company's stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the completion of the sale, the chief executive officer directly owned 1,171,792 shares of the company's stock, valued at $17,928,417.60. The trade was a 5.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders own 7.80% of the company's stock.

NextNav Trading Up 2.4%

NASDAQ:NN opened at $15.54 on Tuesday. The stock has a 50 day moving average of $15.45 and a 200-day moving average of $17.52. The firm has a market capitalization of $2.62 billion, a PE ratio of -16.02 and a beta of 1.12. NextNav Inc. has a 52 week low of $10.87 and a 52 week high of $24.42.

NextNav (NASDAQ:NN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%.The company had revenue of $1.15 million during the quarter, compared to the consensus estimate of $0.92 million. As a group, analysts predict that NextNav Inc. will post -0.46 EPS for the current fiscal year.

NextNav Company Profile

NextNav Inc NASDAQ: NN is a positioning, navigation and timing technology company that develops alternatives and complements to GPS. Its services are designed to provide accurate location and timing information in environments where GPS signals may be weak, unavailable or unreliable, including indoors and in urban areas.

The company's primary offerings include Pinnacle, a 3D geolocation service that provides precise vertical positioning, and TerraPoiNT, a terrestrial network designed to deliver resilient positioning, navigation and timing signals.

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