NextNav Target of Unusually High Options Trading (NASDAQ:NN)

Key Points

• NextNav saw unusually heavy call-option activity, with 87,659 calls traded—about 331% above its typical daily volume.
• Shares rose to $19.90, while analysts maintained a generally positive outlook with a consensus “Moderate Buy” rating and an average price target of $32.33.
• The company reported a quarterly loss of $0.24 per share, missing estimates, although revenue of $1.15 million exceeded expectations; institutional investors own 79.16% of the stock.

NextNav Inc. (NASDAQ:NN - Get Free Report) was the target of unusually large options trading on Friday. Traders acquired 87,659 call options on the company. This is an increase of approximately 331% compared to the typical daily volume of 20,345 call options.

NextNav Price Performance

Shares of NN traded up $0.39 during mid-day trading on Friday, reaching $19.90. The company's stock had a trading volume of 2,246,159 shares, compared to its average volume of 3,420,454. NextNav has a 12-month low of $10.87 and a 12-month high of $24.42. The stock has a market cap of $3.36 billion, a PE ratio of -20.52 and a beta of 1.10. The company's 50 day moving average is $16.46 and its 200 day moving average is $17.45.

NextNav (NASDAQ:NN - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The business had revenue of $1.15 million for the quarter, compared to analysts' expectations of $0.92 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%. As a group, sell-side analysts anticipate that NextNav will post -0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. B. Riley Financial reissued a "buy" rating on shares of NextNav in a research report on Thursday, April 23rd. Oppenheimer raised their target price on shares of NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of NextNav in a research note on Friday, July 17th. Odeon Capital Group initiated coverage on shares of NextNav in a report on Monday, July 20th. They set a "buy" rating and a $22.00 price target for the company. Finally, Zacks Research raised shares of NextNav from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 22nd. One investment 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $32.33.

Insider Transactions at NextNav

In related news, General Counsel James S. Black sold 1,878 shares of the business's stock in a transaction on 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 transaction, the general counsel directly owned 91,688 shares of the company's stock, valued at $2,105,156.48. The trade was a 2.01% 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, CAO Sammaad Shams sold 2,006 shares of the company's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $17.84, for a total value of $35,787.04. Following the sale, the chief accounting officer owned 70,944 shares in the company, 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 90 days, insiders have sold 76,567 shares of company stock valued at $1,522,252. 7.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in NextNav by 8.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company's stock worth $579,000 after acquiring an additional 3,543 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in NextNav by 34.5% in the first quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company's stock valued at $5,705,000 after acquiring an additional 120,123 shares in the last quarter. Creative Planning grew its holdings in shares of NextNav by 81.5% during the second quarter. Creative Planning now owns 29,184 shares of the company's stock worth $444,000 after purchasing an additional 13,109 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of NextNav by 33.7% during the second quarter. JPMorgan Chase & Co. now owns 61,772 shares of the company's stock worth $939,000 after purchasing an additional 15,565 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of NextNav by 23.3% during the second quarter. Legal & General Group Plc now owns 68,946 shares of the company's stock worth $1,048,000 after purchasing an additional 13,027 shares in the last quarter. Institutional investors and hedge funds 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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