NextNav (NASDAQ:NN) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded NextNav from “hold” to “strong-buy,” adding to a generally positive analyst backdrop. MarketBeat says the stock now has an average rating of “Moderate Buy” with a $32.33 price target.
• Shares were down 1.2% in Wednesday trading, opening at $12.65, well below the stock’s 50-day moving average of $18.56 and 200-day moving average of $17.46.
• Recent quarterly results beat expectations, with NextNav reporting EPS of -$0.12 versus an expected -$0.15 and revenue of $0.99 million versus $0.94 million estimated. Insider selling was also noted, including sales by the CEO and general counsel under pre-arranged trading plans.

NextNav (NASDAQ:NN - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Wednesday,Zacks.com reports.

NN has been the subject of several other reports. Wall Street Zen upgraded shares of NextNav from a "strong sell" rating to a "hold" rating in a research note on Saturday, May 16th. Odeon Capital Group assumed coverage on NextNav in a research note on Monday. They issued a "buy" rating and a $22.00 price objective on the stock. B. Riley Financial restated a "buy" rating on shares of NextNav in a research note on Thursday, April 23rd. UBS Group set a $25.00 price objective on NextNav in a research report on Thursday, April 16th. Finally, Oppenheimer lifted their target price on NextNav from $25.00 to $50.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, NextNav has an average rating of "Moderate Buy" and an average price target of $32.33.

NextNav Trading Down 1.2%

NASDAQ NN opened at $12.65 on Wednesday. The firm's fifty day moving average price is $18.56 and its two-hundred day moving average price is $17.46. NextNav has a 1 year low of $10.87 and a 1 year high of $24.42. The firm has a market capitalization of $1.73 billion, a P/E ratio of -10.45 and a beta of 1.06.

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

Insider Buying and Selling

In related news, CEO Mariam Sorond sold 2,830 shares of NextNav stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total transaction of $51,873.90. Following the completion of the sale, the chief executive officer owned 1,241,665 shares of the company's stock, valued at approximately $22,759,719.45. The trade was a 0.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $22.96, for a total transaction of $43,118.88. Following the completion of the transaction, the general counsel owned 91,688 shares in the company, valued at approximately $2,105,156.48. This trade represents a 2.01% decrease in their position. 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. In the last 90 days, insiders sold 76,567 shares of company stock valued at $1,522,252. Company insiders own 7.80% of the company's stock.

Hedge Funds Weigh In On NextNav

A number of large investors have recently made changes to their positions in NN. Caitong International Asset Management Co. Ltd boosted its stake in NextNav by 347.0% in the 4th 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. KBC Group NV acquired a new position in NextNav in the 1st quarter valued at $38,000. Grove Bank & Trust bought a new stake in shares of NextNav during the 2nd quarter valued at $53,000. Kemnay Advisory Services Inc. bought a new stake in shares of NextNav during the 4th quarter valued at $97,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of NextNav during the 4th quarter worth $109,000. Institutional investors 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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