NextNav (NASDAQ:NN) Trading Up 13.8% - What's Next?

Key Points

• NextNav shares surged 13.8% to $17.5530, although trading volume was 58% below the average session volume. The company has a $2.50 billion market capitalization and trades below its consensus analyst target of $32.33.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy”. Oppenheimer raised its price target to $50, while UBS set a $25 target; ratings range from Strong Buy to Sell.
• NextNav exceeded quarterly expectations, reporting an adjusted loss of $0.12 per share versus the expected $0.15 loss and revenue of $0.99 million versus the $0.94 million forecast. Insiders sold shares recently, while institutional investors own a substantial 79.16% stake.

NextNav Inc. (NASDAQ:NN - Get Free Report) shares were up 13.8% during trading on Tuesday . The stock traded as high as $16.58 and last traded at $17.5530. 888,703 shares changed hands during trading, a decline of 58% from the average session volume of 2,140,906 shares. The stock had previously closed at $15.43.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. UBS Group set a $25.00 target price on NextNav in a report on Thursday, April 16th. B. Riley Financial restated a "buy" rating on shares of NextNav in a report on Thursday, April 23rd. Zacks Research raised NextNav from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 22nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NextNav in a report on Friday, July 17th. Finally, Oppenheimer increased their target price on NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $32.33.

NextNav Price Performance

The firm has a market capitalization of $2.50 billion, a PE ratio of -15.29 and a beta of 1.10. The business has a 50-day simple moving average of $16.67 and a 200-day simple moving average of $17.38.

NextNav (NASDAQ:NN - Get Free Report) last announced its 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 company had revenue of $0.99 million during the quarter, compared to analysts' expectations of $0.94 million. On average, research analysts expect that NextNav Inc. will post -0.44 earnings per share for the current year.

Insider Transactions at NextNav

In related news, CEO Mariam Sorond sold 2,830 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total value of $51,873.90. Following the sale, the chief executive officer directly owned 1,241,665 shares of the company's stock, valued at $22,759,719.45. This represents a 0.23% decrease in their position. The transaction was disclosed in a document filed 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 firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $22.96, for a total transaction of $43,118.88. Following the completion of 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. In the last quarter, insiders sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is currently owned by insiders.

Institutional Trading of NextNav

A number of hedge funds have recently added to or reduced their stakes in NN. Vanguard Group Inc. grew its position in shares of NextNav by 9.0% in the 4th quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company's stock worth $115,361,000 after buying an additional 573,214 shares during the last quarter. Susquehanna Advisors Group Inc. lifted its position in NextNav by 1.4% during the fourth quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company's stock valued at $91,226,000 after acquiring an additional 74,995 shares during the last quarter. Geode Capital Management LLC boosted its stake in NextNav by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company's stock valued at $37,754,000 after acquiring an additional 100,058 shares in the last quarter. State Street Corp boosted its stake in NextNav by 1.9% in the fourth quarter. State Street Corp now owns 2,171,877 shares of the company's stock valued at $36,140,000 after acquiring an additional 40,762 shares in the last quarter. Finally, Plustick Management LLC grew its holdings in NextNav by 1.3% in the fourth quarter. Plustick Management LLC now owns 2,065,818 shares of the company's stock worth $34,375,000 after purchasing an additional 25,818 shares during the last quarter. 79.16% of the stock is owned by hedge funds and other 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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