NextNav (NASDAQ:NN) Stock Rating Upgraded by Zacks Research

NextNav (NASDAQ:NN) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other research firms also recently issued reports on NN. Odeon Capital Group started coverage on shares of NextNav in a report on Monday. They issued a “buy” rating and a $22.00 price objective on the stock. UBS Group set a $25.00 target price on shares of NextNav in a research report on Thursday, April 16th. B. Riley Financial reissued a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Oppenheimer increased their price objective on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, NextNav has an average rating of “Moderate Buy” and an average price target of $32.33.

NextNav Price Performance

NN stock opened at $12.65 on Wednesday. The stock has a market capitalization of $1.73 billion, a P/E ratio of -10.45 and a beta of 1.06. NextNav has a fifty-two week low of $10.87 and a fifty-two week high of $24.42. The business has a 50-day moving average of $18.56 and a 200-day moving average of $17.46.

NextNav (NASDAQ:NN) last announced its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.03. The firm had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.94 million. Equities analysts expect that NextNav will post -0.48 EPS for the current year.

Insider Activity at NextNav

In related news, CEO Mariam Sorond sold 69,853 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $19.92, for a total value of $1,391,471.76. Following the completion of the transaction, the chief executive officer directly owned 1,244,495 shares of the company’s stock, valued at approximately $24,790,340.40. This trade represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 business’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $17.84, for a total transaction of $35,787.04. Following the transaction, the chief accounting officer owned 70,944 shares in the company, valued at approximately $1,265,640.96. The trade was a 2.75% decrease in their ownership of the stock. 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 three months, insiders sold 76,567 shares of company stock valued at $1,522,252. 7.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NextNav

Institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. boosted its position in NextNav by 6.6% during the fourth quarter. Russell Investments Group Ltd. now owns 10,950 shares of the company’s stock worth $182,000 after purchasing an additional 675 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of 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 lifted its stake in shares of NextNav by 0.4% during the 4th 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 buying an additional 863 shares during the last quarter. Cannell & Spears LLC lifted its stake in shares of NextNav by 0.7% during the 1st quarter. Cannell & Spears LLC now owns 122,851 shares of the company’s stock worth $1,961,000 after buying an additional 899 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of NextNav by 347.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock worth $37,000 after buying an additional 1,721 shares during the last quarter. 79.16% of the stock is owned by institutional investors.

NextNav Company Profile

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.