Wittenberg Investment Management Inc. Grows Stake in NextNav Inc. $NN

Key Points

• Wittenberg Investment Management boosted its NextNav stake by 384.2% in the fourth quarter, buying 96,056 additional shares and bringing its total holdings to 121,056 shares worth about $2.0 million.
• NextNav’s stock opened at $21.50, giving it a market cap of about $2.93 billion. The shares have ranged from $10.87 to $24.42 over the past year.
• The company recently beat earnings expectations, reporting EPS of -$0.12 versus the expected -$0.15 and revenue of $1.0 million versus $0.94 million. Analysts currently have a Hold consensus with an average target price of $37.50.

Wittenberg Investment Management Inc. raised its stake in NextNav Inc. (NASDAQ:NN - Free Report) by 384.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 121,056 shares of the company's stock after purchasing an additional 96,056 shares during the quarter. NextNav comprises about 0.8% of Wittenberg Investment Management Inc.'s investment portfolio, making the stock its 23rd biggest position. Wittenberg Investment Management Inc. owned 0.09% of NextNav worth $2,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd raised its position in NextNav by 347.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company's stock valued at $37,000 after purchasing an additional 1,721 shares during the period. Clearstead Advisors LLC purchased a new position in NextNav in the third quarter valued at about $52,000. Kestra Advisory Services LLC purchased a new position in NextNav in the fourth quarter valued at about $116,000. BNP Paribas Financial Markets raised its position in NextNav by 64.4% in the second quarter. BNP Paribas Financial Markets now owns 8,918 shares of the company's stock valued at $136,000 after purchasing an additional 3,493 shares during the period. Finally, Russell Investments Group Ltd. raised its position in NextNav by 451.2% in the third quarter. Russell Investments Group Ltd. now owns 10,275 shares of the company's stock valued at $147,000 after purchasing an additional 8,411 shares during the period. 79.16% of the stock is owned by hedge funds and other institutional investors.

NextNav Stock Performance

NASDAQ:NN opened at $21.50 on Monday. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of -17.77 and a beta of 1.04. NextNav Inc. has a one year low of $10.87 and a one year high of $24.42. The stock has a 50-day simple moving average of $19.78 and a 200 day simple moving average of $17.40.

NextNav (NASDAQ:NN - Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.03. The firm had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.94 million. On average, equities research analysts forecast that NextNav Inc. will post -0.5 EPS for the current fiscal year.

Insider Transactions at NextNav

In related news, CFO Timothy Gray sold 1,405 shares of NextNav stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $18.11, for a total value of $25,444.55. Following the completion of the transaction, the chief financial officer directly owned 131,786 shares in the company, valued at approximately $2,386,644.46. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $19.92, for a total value of $1,391,471.76. Following the completion of the transaction, the chief executive officer owned 1,244,495 shares of the company's stock, valued at approximately $24,790,340.40. The trade was a 5.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 have sold a total of 101,133 shares of company stock valued at $1,943,851 over the last ninety days. 7.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on NN. UBS Group set a $25.00 price objective on NextNav in a research report on Thursday, April 16th. B. Riley Financial reaffirmed a "buy" rating on shares of NextNav in a research report on Thursday, April 23rd. Oppenheimer lifted their price target on NextNav from $25.00 to $50.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of NextNav in a research note on Tuesday, April 21st. Finally, Wall Street Zen upgraded NextNav from a "strong sell" rating to a "hold" rating in a research note on Saturday, May 16th. 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's stock. Based on data from MarketBeat, NextNav presently has an average rating of "Hold" and an average target price of $37.50.

NextNav Company Profile

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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