NextNav (NASDAQ:NN) Shares Up 7.7% - What's Next?

Key Points

• NextNav shares rose 7.7% to $13.66 in mid-day trading, though volume was 37% below the average daily level.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $32.33; targets range from $22 to $50, despite one “Sell” rating.
• The company slightly beat quarterly estimates, reporting a loss of $0.12 per share versus expectations of $0.15 and revenue of $0.99 million versus $0.94 million. Insiders have sold $1.52 million worth of shares over the past 90 days, while institutions own 79.16% of the stock.

NextNav Inc. (NASDAQ:NN - Get Free Report) shares rose 7.7% during mid-day trading on Tuesday . The stock traded as high as $13.79 and last traded at $13.66. 1,314,160 shares were traded during trading, a decline of 37% from the average daily volume of 2,090,668 shares. The stock had previously closed at $12.68.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NN. Oppenheimer raised their price target on shares of NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. UBS Group set a $25.00 price objective on shares of NextNav in a research report on Thursday, April 16th. 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 target price on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NextNav in a research report on Friday, July 17th. Finally, Zacks Research upgraded shares of NextNav from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, NextNav currently has an average rating of "Moderate Buy" and a consensus target price of $32.33.

NextNav Stock Up 6.0%

The company has a market cap of $1.83 billion, a P/E ratio of -11.03 and a beta of 1.06. The business has a fifty day simple moving average of $18.20 and a two-hundred day simple moving average of $17.42.

NextNav (NASDAQ:NN - Get Free Report) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.03. The firm had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.94 million. On average, equities analysts predict that NextNav Inc. will post -0.48 EPS for the current fiscal year.

Insider Activity at NextNav

In other news, CEO Mariam Sorond sold 2,830 shares of NextNav stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total transaction of $51,873.90. Following the transaction, the chief executive officer owned 1,241,665 shares in the company, valued at $22,759,719.45. This trade represents a 0.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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, General Counsel James S. Black sold 1,878 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $22.96, for a total transaction of $43,118.88. Following the sale, the general counsel directly owned 91,688 shares of the company's stock, valued at approximately $2,105,156.48. The trade was a 2.01% 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. Over the last ninety days, insiders sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On NextNav

A number of institutional investors have recently bought and sold shares of the stock. Grove Bank & Trust bought a new stake in NextNav during the second quarter valued at about $53,000. Bank of America Corp DE lifted its position in shares of NextNav by 1.2% during the 1st 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. Amundi lifted its position in shares of NextNav by 7.5% during the 1st quarter. Amundi now owns 43,703 shares of the company's stock valued at $700,000 after buying an additional 3,043 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of NextNav by 41.6% during the 1st quarter. California State Teachers Retirement System now owns 97,347 shares of the company's stock valued at $1,559,000 after acquiring an additional 28,584 shares during the period. Finally, Quantinno Capital Management LP bought a new position in shares of NextNav during the 1st quarter valued at approximately $364,000. 79.16% of the stock is owned by institutional investors.

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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