NextNav (NASDAQ:NN) Sees Strong Trading Volume – Time to Buy?

NextNav Inc. (NASDAQ:NN) saw unusually-strong trading volume on Wednesday . Approximately 747,424 shares were traded during mid-day trading, a decline of 37% from the previous session’s volume of 1,177,839 shares.The stock last traded at $18.9750 and had previously closed at $16.87.

Wall Street Analysts Forecast Growth

NN has been the subject of several research reports. Wall Street Zen upgraded shares of NextNav from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research note on Thursday, January 22nd. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, NextNav currently has an average rating of “Reduce”.

NextNav Price Performance

The business has a 50 day moving average price of $15.85 and a 200 day moving average price of $15.21. The stock has a market capitalization of $2.65 billion, a PE ratio of -15.10 and a beta of 0.96.

NextNav (NASDAQ:NN) last posted its quarterly earnings results on Tuesday, March 17th. The company reported ($0.13) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.13). The firm had revenue of $0.95 million during the quarter, compared to analyst estimates of $0.86 million. NextNav had a negative return on equity of 556.83% and a negative net margin of 3,109.88%. On average, equities analysts expect that NextNav Inc. will post -0.74 earnings per share for the current year.

Insiders Place Their Bets

In other NextNav news, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $16.91, for a total value of $1,181,214.23. Following the completion of the transaction, the chief executive officer directly owned 1,270,946 shares of the company’s stock, valued at approximately $21,491,696.86. The trade was a 5.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On NextNav

Institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its position in shares of NextNav by 347.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock valued at $37,000 after acquiring an additional 1,721 shares in the last quarter. Clearstead Advisors LLC bought a new position in NextNav in the 3rd quarter valued at approximately $52,000. FWL Investment Management LLC purchased a new stake in NextNav during the 2nd quarter valued at $70,000. Kemnay Advisory Services Inc. purchased a new stake in NextNav during the 4th quarter valued at $97,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of NextNav in the 4th quarter worth $109,000. Hedge funds and other institutional investors 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.