NextNav (NASDAQ:NN) Shares Gap Up - Still a Buy?

Key Points

• Shares gapped up: NextNav opened at $18.67 after a $16.97 close and was last trading around $19.15 on high volume (~981,367 shares), with a market cap of about $2.81 billion.
• Analyst views are mixed: Oppenheimer upgraded to an "outperform" and UBS set a $25 price target, while Weiss and Wall Street Zen issued sell/strong-sell calls; the consensus rating is "Hold" with an average target of $25.
• Notable insider selling: Company insiders (including the CEO and CFO) have sold shares recently—about 101,133 shares (~$1.73M) in the last 90 days—while institutional/hedge fund ownership stands around 79.16%.

NextNav Inc. (NASDAQ:NN - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $16.97, but opened at $18.67. NextNav shares last traded at $19.1520, with a volume of 981,367 shares trading hands.

Analyst Ratings Changes

NN has been the topic of a number of recent analyst reports. UBS Group set a $25.00 price objective on shares of NextNav in a research note on Thursday. Oppenheimer raised shares of NextNav from a "market perform" rating to an "outperform" rating and set a $25.00 price objective on the stock in a research note on Thursday. Weiss Ratings reissued a "sell (d-)" rating on shares of NextNav in a research note on Thursday, January 22nd. Finally, Wall Street Zen cut shares of NextNav from a "hold" rating to a "strong sell" rating in a research note on Saturday, March 21st. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $25.00.

NextNav Price Performance

The firm's fifty day moving average price is $16.59 and its 200-day moving average price is $15.24. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -13.45 and a beta of 0.98.

NextNav (NASDAQ:NN - Get Free Report) last announced its quarterly earnings results on Tuesday, March 17th. The company reported ($0.13) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.13). The company had revenue of $0.95 million for the quarter, compared to analyst estimates of $0.86 million. On average, research analysts predict that NextNav Inc. will post -0.74 earnings per share for the current year.

Insider Transactions at NextNav

In other news, CEO Mariam Sorond sold 11,322 shares of NextNav stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $16.85, for a total transaction of $190,775.70. Following the sale, the chief executive officer directly owned 1,259,624 shares of the company's stock, valued at approximately $21,224,664.40. This trade represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Timothy Gray sold 1,405 shares of NextNav stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.11, for a total value of $25,444.55. Following the sale, the chief financial officer directly owned 131,786 shares in the company, valued at $2,386,644.46. The trade was a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 101,133 shares of company stock valued at $1,733,594. Company insiders own 7.70% of the company's stock.

Hedge Funds Weigh In On NextNav

A number of hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd lifted its holdings in shares of NextNav by 732.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,127 shares of the company's stock worth $69,000 after purchasing an additional 3,631 shares during the period. Corient Private Wealth LLC lifted its holdings in shares of NextNav by 104.7% during the fourth quarter. Corient Private Wealth LLC now owns 35,042 shares of the company's stock worth $583,000 after purchasing an additional 17,921 shares during the period. Tudor Investment Corp ET AL lifted its holdings in shares of NextNav by 57.7% during the fourth quarter. Tudor Investment Corp ET AL now owns 99,942 shares of the company's stock worth $1,663,000 after purchasing an additional 36,563 shares during the period. Occudo Quantitative Strategies LP acquired a new position in shares of NextNav during the fourth quarter worth $481,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of NextNav during the fourth quarter worth $109,000. Institutional investors and hedge funds own 79.16% of the company's stock.

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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