NextNav (NASDAQ:NN) Stock Price Up 6.3% - Here's Why

Key Points

• NextNav Inc.'s stock increased by 6.3%, reaching a trading price of $16.52, despite a drop in trading volume of 41% from its average.
• Analysts have set an average price target of $20.00 for the stock, with one rating it as a Buy and another as a Sell.
• The company reported a quarterly loss of ($0.30) EPS, missing estimates, with revenues at $1.20 million, below the expected $1.59 million.

NextNav Inc. (NASDAQ:NN - Get Free Report) shares rose 6.3% on Monday . The stock traded as high as $16.53 and last traded at $16.52. Approximately 775,378 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 1,308,602 shares. The stock had previously closed at $15.54.

Analysts Set New Price Targets

Separately, Zacks Research upgraded NextNav to a "strong sell" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $20.00.

NextNav Stock Performance

The stock has a market capitalization of $2.22 billion, a P/E ratio of -12.91 and a beta of 1.04. The company has a quick ratio of 14.97, a current ratio of 14.97 and a debt-to-equity ratio of 32.42. The business has a fifty day moving average price of $15.09 and a 200-day moving average price of $13.13.

NextNav (NASDAQ:NN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.16). The business had revenue of $1.20 million for the quarter, compared to the consensus estimate of $1.59 million. NextNav had a negative net margin of 2,678.59% and a negative return on equity of 556.83%. On average, sell-side analysts expect that NextNav Inc. will post -0.74 EPS for the current year.

Insider Buying and Selling

In related news, CEO Mariam Sorond sold 69,853 shares of the company's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $14.38, for a total transaction of $1,004,486.14. Following the completion of the sale, the chief executive officer owned 1,480,505 shares in the company, valued at approximately $21,289,661.90. This represents a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.70% of the company's stock.

Institutional Trading of NextNav

A number of hedge funds and other institutional investors have recently bought and sold shares of NN. AlphaQuest LLC purchased a new stake in NextNav in the second quarter worth about $25,000. Harbor Investment Advisory LLC increased its position in NextNav by 331.0% in the first quarter. Harbor Investment Advisory LLC now owns 2,155 shares of the company's stock worth $26,000 after buying an additional 1,655 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of NextNav by 112.5% in the fourth quarter. Russell Investments Group Ltd. now owns 1,923 shares of the company's stock worth $30,000 after acquiring an additional 1,018 shares during the period. FWL Investment Management LLC bought a new position in shares of NextNav in the second quarter worth about $70,000. Finally, Harbor Capital Advisors Inc. bought a new position in shares of NextNav in the first quarter worth about $73,000. Hedge funds and other institutional investors own 79.16% of the company's stock.

About NextNav

NextNav Inc provides next generation positioning, navigation, and timing (PNT) solutions in the United States. It offers Pinnacle, a dedicated vertical positioning network to cover entire metropolitan areas including devices equipped with a barometric pressure sensor with the highest quality wide-area altitude service.

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