Stock Traders Buy Large Volume of Call Options on NextNav (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the target of unusually large options trading on Friday. Traders purchased 87,659 call options on the company. This represents an increase of 331% compared to the average daily volume of 20,345 call options.

Insider Buying and Selling

In other NextNav news, CEO Mariam Sorond sold 69,853 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $19.92, for a total value of $1,391,471.76. Following the sale, the chief executive officer owned 1,244,495 shares in the company, valued at approximately $24,790,340.40. The trade was a 5.31% decrease in their position. The transaction was disclosed in a legal 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, CAO Sammaad Shams sold 2,006 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $17.84, for a total value of $35,787.04. Following the transaction, the chief accounting officer directly owned 70,944 shares of the company’s stock, valued at approximately $1,265,640.96. This trade represents a 2.75% 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 three months, insiders sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is owned by corporate insiders.

Institutional Trading of NextNav

A number of large investors have recently added to or reduced their stakes in NN. Vanguard Group Inc. increased its stake in shares of NextNav by 9.0% during the 4th quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock worth $115,361,000 after purchasing an additional 573,214 shares during the last quarter. Susquehanna Advisors Group Inc. lifted its stake in NextNav by 1.4% in the 4th quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company’s stock valued at $91,226,000 after purchasing an additional 74,995 shares during the last quarter. Geode Capital Management LLC lifted its stake in NextNav by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company’s stock valued at $37,754,000 after purchasing an additional 100,058 shares during the last quarter. State Street Corp grew its holdings in NextNav by 1.9% during the fourth quarter. State Street Corp now owns 2,171,877 shares of the company’s stock worth $36,140,000 after purchasing an additional 40,762 shares during the period. Finally, Plustick Management LLC grew its holdings in NextNav by 1.3% during the fourth quarter. Plustick Management LLC now owns 2,065,818 shares of the company’s stock worth $34,375,000 after purchasing an additional 25,818 shares during the period. Institutional investors and hedge funds own 79.16% of the company’s stock.

NextNav Trading Up 2.0%

Shares of NASDAQ:NN traded up $0.39 during trading on Friday, hitting $19.90. 2,246,159 shares of the company were exchanged, compared to its average volume of 3,420,454. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -20.52 and a beta of 1.10. NextNav has a fifty-two week low of $10.87 and a fifty-two week high of $24.42. The firm has a fifty day moving average price of $16.46 and a two-hundred day moving average price of $17.45.

NextNav (NASDAQ:NN) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.08). NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. The company had revenue of $1.15 million during the quarter, compared to analyst estimates of $0.92 million. As a group, research analysts predict that NextNav will post -0.51 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on NN shares. B. Riley Financial reissued a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Odeon Capital Group started coverage on shares of NextNav in a research report on Monday, July 20th. They issued a “buy” rating and a $22.00 target price for the company. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Oppenheimer boosted their price target on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $32.33.

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.