Vanguard Group Inc. Boosts Stake in NextNav Inc. $NN

Key Points

• Vanguard boosted its NextNav stake by 9% in the fourth quarter, buying 573,214 additional shares and ending with 6.93 million shares valued at about $115.4 million. That made Vanguard a holder of roughly 5.14% of the company.
• NextNav’s stock has been strong recently, opening at $20.08 and trading between a 52-week low of $10.84 and high of $24.19. The company has a market cap of $2.73 billion and recently reported quarterly EPS of -$0.13, matching estimates.
• Institutional interest remains high, but insider selling has been notable, with hedge funds and other institutions owning 79.16% of shares while insiders sold 101,133 shares over the last 90 days. Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $25.00.

Vanguard Group Inc. boosted its holdings in NextNav Inc. (NASDAQ:NN - Free Report) by 9.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,932,757 shares of the company's stock after purchasing an additional 573,214 shares during the period. Vanguard Group Inc. owned about 5.14% of NextNav worth $115,361,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Susquehanna Advisors Group Inc. raised its stake in NextNav by 12.1% during the third quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company's stock valued at $77,325,000 after buying an additional 584,804 shares in the last quarter. Philosophy Capital Management LLC acquired a new stake in NextNav during the third quarter valued at approximately $7,791,000. Van ECK Associates Corp raised its stake in NextNav by 111.7% during the third quarter. Van ECK Associates Corp now owns 768,345 shares of the company's stock valued at $10,987,000 after buying an additional 405,359 shares in the last quarter. First Trust Advisors LP acquired a new stake in NextNav during the second quarter valued at approximately $4,726,000. Finally, Bank of America Corp DE raised its stake in NextNav by 159.9% during the second quarter. Bank of America Corp DE now owns 373,817 shares of the company's stock valued at $5,682,000 after buying an additional 229,988 shares in the last quarter. Hedge funds and other institutional investors own 79.16% of the company's stock.

NextNav Stock Performance

Shares of NASDAQ NN opened at $20.08 on Wednesday. The stock has a fifty day moving average price of $17.71 and a two-hundred day moving average price of $15.93. The firm has a market cap of $2.73 billion, a P/E ratio of -13.04 and a beta of 1.03. NextNav Inc. has a 1 year low of $10.84 and a 1 year high of $24.19.

NextNav (NASDAQ:NN - Get Free Report) last issued its quarterly earnings results on Tuesday, March 17th. The company reported ($0.13) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.13). The firm had revenue of $0.95 million for the quarter, compared to the consensus estimate of $0.86 million. On average, research analysts predict that NextNav Inc. will post -0.59 earnings per share for the current fiscal year.

Insider Transactions at NextNav

In other NextNav news, General Counsel James S. Black sold 9,429 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $17.97, for a total transaction of $169,439.13. Following the completion of the transaction, the general counsel directly owned 93,566 shares of the company's stock, valued at approximately $1,681,381.02. This trade represents a 9.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Sammaad Shams sold 3,945 shares of the firm's stock in a transaction on Thursday, March 26th. The stock was sold at an average price of $19.54, for a total value of $77,085.30. Following the sale, the chief accounting officer directly owned 72,950 shares of the company's stock, valued at approximately $1,425,443. This represents a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 101,133 shares of company stock valued at $1,733,594. Company insiders own 7.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NN. UBS Group set a $25.00 price target on NextNav in a research report on Thursday, April 16th. Wall Street Zen cut NextNav from a "hold" rating to a "strong sell" rating in a research report on Saturday, March 21st. Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a research report on Tuesday, April 21st. Oppenheimer upgraded NextNav from a "market perform" rating to an "outperform" rating and set a $25.00 target price on the stock in a research report on Thursday, April 16th. Finally, B. Riley Financial restated a "buy" rating on shares of NextNav in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, NextNav presently has a consensus rating of "Hold" and a consensus target price of $25.00.

About NextNav

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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