NextNav (NASDAQ:NN) Stock Sees Unusually High Call Option Buying

Key Points

• Call-option activity surged: Traders bought 63,504 NextNav call options, 176% above the typical daily volume.
• NextNav shares rose 3.1% to $8.71. The company reported a quarterly loss of $0.04 per share, narrower than the $0.12 loss analysts expected, and revenue of $1.58 million versus a $0.99 million consensus estimate.
• Analysts’ consensus rating is Moderate Buy, with a $32.33 average price target, though recent ratings included both upgrades and downgrades. Insiders sold 87,667 shares over the past 90 days.

NextNav Inc. (NASDAQ:NN - Get Free Report) saw some unusual options trading on Thursday. Stock traders acquired 63,504 call options on the stock. This represents an increase of 176% compared to the typical daily volume of 23,045 call options.

Insider Buying and Selling

In other NextNav news, CFO Timothy Gray sold 11,099 shares of the firm's stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total transaction of $162,489.36. Following the completion of the transaction, the chief financial officer owned 120,687 shares of the company's stock, valued at approximately $1,766,857.68. This trade represents a 8.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mariam Sorond sold 2,831 shares of the firm's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total value of $41,672.32. Following the transaction, the chief executive officer directly owned 1,168,961 shares of the company's stock, valued at $17,207,105.92. This represents a 0.24% 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. Insiders have sold a total of 87,667 shares of company stock valued at $1,331,153 over the last ninety days. Company insiders own 7.80% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NN. Sona Asset Management US LLC grew its holdings in shares of NextNav by 37.9% during the first quarter. Sona Asset Management US LLC now owns 521,477 shares of the company's stock valued at $8,354,000 after buying an additional 143,349 shares during the last quarter. State Street Corp raised its holdings in NextNav by 4.8% in the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company's stock worth $41,780,000 after acquiring an additional 108,338 shares during the last quarter. General American Investors Co. Inc. purchased a new position in NextNav in the 3rd quarter worth approximately $10,063,000. BlueCrest Capital Management Ltd purchased a new position in NextNav in the 2nd quarter worth approximately $4,012,000. Finally, Squarepoint Ops LLC lifted its position in NextNav by 592.0% in the 2nd quarter. Squarepoint Ops LLC now owns 113,073 shares of the company's stock valued at $2,016,000 after acquiring an additional 96,734 shares in the last quarter. 79.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NN has been the subject of several research reports. Zacks Research lowered shares of NextNav from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th. Wall Street Zen lowered shares of NextNav from a "hold" rating to a "sell" rating in a research note on Sunday, September 27th. Clear Str upgraded shares of NextNav to a "strong-buy" rating in a report on Monday, September 21st. Odeon Capital Group assumed coverage on shares of NextNav in a research note on Monday, July 20th. They set a "buy" rating and a $22.00 target price for the company. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of NextNav in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $32.33.

NextNav Stock Up 3.1%

Shares of NASDAQ:NN traded up $0.26 on Thursday, hitting $8.71. 2,459,924 shares of the company traded hands, compared to its average volume of 2,434,670. NextNav has a 52 week low of $7.60 and a 52 week high of $24.42. The stock has a 50 day simple moving average of $12.42 and a 200-day simple moving average of $16.14. The company has a market cap of $1.47 billion, a PE ratio of -9.79 and a beta of 1.20.

NextNav (NASDAQ:NN - Get Free Report) last posted its quarterly earnings results on Tuesday, November 10th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.08. The firm had revenue of $1.58 million during the quarter, compared to analyst estimates of $0.99 million. NextNav had a negative return on equity of 129.25% and a negative net margin of 2,451.65%. As a group, sell-side analysts anticipate that NextNav will post -0.46 earnings per share for the current year.

About NextNav

NextNav, Inc. develops positioning, navigation and timing technologies designed to complement and help provide alternatives to satellite-based GPS. Its services support location-aware applications in environments where GPS signals may be limited, including indoors and in urban areas. The company's offerings include Pinnacle, a service that provides vertical location information, such as a device's floor or height within a building, and TerraPoiNT, a terrestrial network designed to deliver positioning and timing signals.

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