NextNav Sees Unusually Large Options Volume (NASDAQ:NN)

Key Points

• NextNav saw a sharp surge in call-option activity: Investors purchased 99,692 calls, roughly 465% above the average volume of 17,630.
• Shares rose 2.2% to $13.40, while the company’s latest quarterly results beat expectations with an adjusted loss of $0.12 per share versus the $0.15 consensus and revenue of $0.99 million.
• Analyst sentiment is mixed but leans positive: NextNav has a “Moderate Buy” consensus rating and a $32.33 average price target, despite one sell rating and recent insider sales conducted under pre-arranged plans.

NextNav Inc. (NASDAQ:NN - Get Free Report) was the recipient of unusually large options trading on Thursday. Investors acquired 99,692 call options on the company. This is an increase of approximately 465% compared to the average volume of 17,630 call options.

NextNav Stock Up 2.2%

Shares of NN stock traded up $0.29 during mid-day trading on Thursday, hitting $13.40. 996,089 shares of the company's stock were exchanged, compared to its average volume of 2,093,553. NextNav has a fifty-two week low of $10.87 and a fifty-two week high of $24.42. The stock has a 50-day simple moving average of $17.81 and a two-hundred day simple moving average of $17.41. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -11.07 and a beta of 1.06.

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

Insiders Place Their Bets

In other NextNav news, General Counsel James S. Black sold 1,878 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $22.96, for a total value 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 represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 the firm's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $17.84, for a total value of $35,787.04. Following the completion of the sale, the chief accounting officer directly owned 70,944 shares of the company's stock, valued at approximately $1,265,640.96. This trade represents a 2.75% 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 quarter, insiders sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its holdings in shares of NextNav by 6.6% during the 4th quarter. Russell Investments Group Ltd. now owns 10,950 shares of the company's stock worth $182,000 after acquiring an additional 675 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in NextNav by 1.5% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,253 shares of the company's stock valued at $733,000 after purchasing an additional 714 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in NextNav by 0.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 200,213 shares of the company's stock worth $3,332,000 after purchasing an additional 863 shares during the last quarter. Cannell & Spears LLC raised its stake in NextNav by 0.7% during the first quarter. Cannell & Spears LLC now owns 122,851 shares of the company's stock worth $1,961,000 after purchasing an additional 899 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its stake in NextNav by 347.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company's stock worth $37,000 after purchasing an additional 1,721 shares during the period. Institutional investors and hedge funds own 79.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a research report on Friday, July 17th. Zacks Research upgraded NextNav from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 22nd. Odeon Capital Group began coverage on shares of NextNav in a research note on Monday, July 20th. They issued a "buy" rating and a $22.00 target price for the company. UBS Group set a $25.00 target price on shares of NextNav in a report on Thursday, April 16th. Finally, Wall Street Zen raised shares of NextNav from a "strong sell" rating to a "hold" rating in a research note on Saturday, May 16th. One equities 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. According to data from MarketBeat, NextNav presently has an average rating of "Moderate Buy" and a consensus price target of $32.33.

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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