NextNav (NASDAQ:NN) Stock Price Up 13.8% – Time to Buy?

NextNav Inc. (NASDAQ:NN)’s share price was up 13.8% on Tuesday . The company traded as high as $16.58 and last traded at $17.5530. Approximately 888,703 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 2,140,906 shares. The stock had previously closed at $15.43.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on NN shares. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. 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. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, UBS Group set a $25.00 price objective on shares of NextNav in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, NextNav presently has an average rating of “Moderate Buy” and an average price target of $32.33.

NextNav Trading Up 18.7%

The firm has a market capitalization of $2.50 billion, a PE ratio of -15.29 and a beta of 1.10. The firm’s fifty day moving average price is $16.67 and its 200 day moving average price is $17.38.

NextNav (NASDAQ:NN) last issued its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.03. The business had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $0.94 million. On average, analysts predict that NextNav Inc. will post -0.44 earnings per share for the current year.

Insiders Place Their Bets

In other NextNav news, General Counsel James S. Black sold 1,878 shares of NextNav stock in a transaction dated 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 owned 91,688 shares in the company, valued at approximately $2,105,156.48. This trade represents a 2.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through 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, CEO Mariam Sorond sold 2,830 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total transaction of $51,873.90. Following the completion of the transaction, the chief executive officer owned 1,241,665 shares of the company’s stock, valued at approximately $22,759,719.45. This represents a 0.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last three months, insiders have sold 76,567 shares of company stock valued at $1,522,252. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in NextNav by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock worth $115,361,000 after acquiring an additional 573,214 shares during the last quarter. UBS Group AG lifted its stake in shares of NextNav by 35.0% in the 4th quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock valued at $33,144,000 after purchasing an additional 516,045 shares during the last quarter. Sona Asset Management US LLC grew its holdings in shares of NextNav by 37.9% during the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after purchasing an additional 143,349 shares during the period. Wittenberg Investment Management Inc. increased its position in shares of NextNav by 384.2% during the 4th quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company’s stock worth $2,014,000 after purchasing an additional 96,056 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in NextNav by 12.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company’s stock valued at $6,390,000 after buying an additional 41,004 shares during the period. 79.16% of the stock is currently owned by institutional investors and hedge funds.

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.