NextNav (NASDAQ:NN) Trading 7.5% Higher - What's Next?

Key Points

• NextNav shares rose 7.5% to about $15.29, although trading volume was 84% below the average daily level.
• Analyst sentiment is mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an average price target of $32.33, including Oppenheimer’s increase to $50.
• The company missed quarterly EPS expectations, reporting a loss of $0.24 per share versus an expected loss of $0.16, while revenue of $1.15 million exceeded estimates.

NextNav Inc. (NASDAQ:NN - Get Free Report) shares rose 7.5% on Monday . The stock traded as high as $15.30 and last traded at $15.2910. Approximately 353,086 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 2,235,821 shares. The stock had previously closed at $14.22.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wall Street Zen raised shares of NextNav from a "sell" rating to a "hold" rating in a report on Saturday. Weiss Ratings reissued a "sell (d-)" rating on shares of NextNav in a report on Friday, July 17th. Oppenheimer raised their price target on NextNav from $25.00 to $50.00 and gave the stock an "outperform" rating in a report on Wednesday, June 3rd. Wells Fargo & Company reiterated a "buy" rating on shares of NextNav in a research report on Monday. Finally, Zacks Research cut NextNav from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 20th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, NextNav presently has a consensus rating of "Moderate Buy" and an average price target of $32.33.

NextNav Trading Up 8.1%

The stock's fifty day moving average is $15.29 and its two-hundred day moving average is $17.46. The firm has a market cap of $2.60 billion, a P/E ratio of -15.85 and a beta of 1.12.

NextNav (NASDAQ:NN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The firm had revenue of $1.15 million during the quarter, compared to the consensus estimate of $0.92 million. NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. On average, analysts forecast that NextNav Inc. will post -0.46 EPS for the current year.

Insider Activity at NextNav

In other NextNav news, CAO Sammaad Shams sold 2,006 shares of the firm'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 of the company's stock, valued at $1,265,640.96. This trade represents a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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, General Counsel James S. Black sold 1,878 shares of NextNav stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $15.34, for a total value of $28,808.52. Following the sale, the general counsel owned 89,810 shares of the company's stock, valued at approximately $1,377,685.40. This trade represents a 2.05% decrease in their position. 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. Over the last quarter, insiders sold 76,998 shares of company stock valued at $1,181,378. Company insiders own 7.80% of the company's stock.

Institutional Investors Weigh In On NextNav

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. KBC Group NV purchased a new position in NextNav in the 1st quarter worth approximately $38,000. Grove Bank & Trust bought a new stake in shares of NextNav during the 2nd quarter worth $53,000. Caitong International Asset Management Co. Ltd grew its position in NextNav by 732.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,127 shares of the company's stock worth $69,000 after acquiring an additional 3,631 shares in the last quarter. Sei Investments Co. bought a new position in NextNav in the first quarter valued at $231,000. Finally, Bleakley Financial Group LLC purchased a new stake in NextNav during the fourth quarter valued at about $245,000. 79.16% of the stock is owned by hedge funds and other institutional investors.

About NextNav

NextNav Inc NASDAQ: NN is a positioning, navigation and timing technology company that develops alternatives and complements to GPS. Its services are designed to provide accurate location and timing information in environments where GPS signals may be weak, unavailable or unreliable, including indoors and in urban areas.

The company's primary offerings include Pinnacle, a 3D geolocation service that provides precise vertical positioning, and TerraPoiNT, a terrestrial network designed to deliver resilient positioning, navigation and timing signals.

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.