NextNav Sees Unusually High Options Volume (NASDAQ:NN)

Key Points

• NextNav saw unusually heavy options activity on Tuesday, with traders buying 111,581 call options, about 658% above its normal volume.
• The stock traded at $17.91, slightly higher on the day, while the company reported a smaller-than-expected loss and revenue that beat analyst estimates in its latest quarterly results.
• Insider selling has continued, including recent sales by the CEO and CAO under Rule 10b5-1 plans, while Wall Street currently holds a “Hold” consensus rating with an average price target of $37.50.

NextNav Inc. (NASDAQ:NN - Get Free Report) was the target of some unusual options trading activity on Tuesday. Stock traders acquired 111,581 call options on the company. This represents an increase of 658% compared to the average volume of 14,722 call options.

NextNav Price Performance

NextNav stock traded up $0.08 during trading hours on Tuesday, hitting $17.91. 1,617,418 shares of the stock traded hands, compared to its average volume of 2,073,448. The firm's 50 day moving average price is $20.09 and its 200-day moving average price is $17.64. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -14.80 and a beta of 1.04. NextNav has a 1 year low of $10.87 and a 1 year high of $24.42.

NextNav (NASDAQ:NN - Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.03. The firm had revenue of $0.99 million during the quarter, compared to analysts' expectations of $0.94 million. Research analysts forecast that NextNav will post -0.48 earnings per share for the current fiscal year.

Insider Activity

In other NextNav news, CEO Mariam Sorond sold 2,830 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total value of $51,873.90. Following the completion of the sale, the chief executive officer directly owned 1,241,665 shares in the company, valued at $22,759,719.45. This trade represents a 0.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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, CAO Sammaad Shams sold 2,006 shares of NextNav stock in a transaction on Monday, June 29th. The stock was sold at an average price of $17.84, for a total transaction of $35,787.04. Following the completion of the transaction, the chief accounting officer directly owned 70,944 shares in the company, valued at $1,265,640.96. This represents a 2.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 ninety days, insiders have sold 76,567 shares of company stock worth $1,522,252. Corporate insiders own 7.80% of the company's stock.

Institutional Trading of NextNav

Several institutional investors and hedge funds have recently bought and sold shares of NN. Vanguard Group Inc. raised its holdings in shares of NextNav by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company's stock worth $115,361,000 after purchasing an additional 573,214 shares during the last quarter. Susquehanna Advisors Group Inc. raised its stake in shares of NextNav by 1.4% during the 4th quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company's stock valued at $91,226,000 after buying an additional 74,995 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of NextNav by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company's stock valued at $37,754,000 after buying an additional 100,058 shares during the period. State Street Corp boosted its stake in shares of NextNav by 1.9% in the fourth quarter. State Street Corp now owns 2,171,877 shares of the company's stock worth $36,140,000 after buying an additional 40,762 shares during the last quarter. Finally, Plustick Management LLC boosted its stake in shares of 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 buying an additional 25,818 shares during the last quarter. 79.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NN has been the topic of several research analyst reports. 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 target on NextNav in a report on Thursday, April 16th. Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a research note on Tuesday, April 21st. Oppenheimer upped their price objective on shares of NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. Finally, Wall Street Zen raised shares of NextNav from a "strong sell" rating to a "hold" rating in a research report on Saturday, May 16th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, NextNav currently has a consensus rating of "Hold" and an average price target of $37.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.