Clear Str Upgrades NextNav (NASDAQ:NN) to “Strong-Buy”

NextNav (NASDAQ:NN) was upgraded by equities researchers at Clear Str to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

Other analysts have also recently issued reports about the company. Odeon Capital Group assumed coverage on NextNav in a research report on Monday, July 20th. They issued a “buy” rating and a $22.00 price target on the stock. Zacks Research cut NextNav from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Oppenheimer boosted their target price on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Wall Street Zen upgraded NextNav from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.33.

NextNav Price Performance

Shares of NASDAQ NN opened at $14.39 on Monday. NextNav has a 1 year low of $10.87 and a 1 year high of $24.42. The firm has a 50-day moving average of $15.28 and a 200 day moving average of $17.43. The stock has a market cap of $2.43 billion, a P/E ratio of -14.83 and a beta of 1.12.

NextNav (NASDAQ:NN) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%.The business had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $0.92 million. Research analysts expect that NextNav will post -0.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel James S. Black sold 1,878 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $15.34, for a total transaction of $28,808.52. Following the transaction, the general counsel directly owned 89,810 shares of the company’s stock, valued at $1,377,685.40. This represents a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 stock in a transaction on Monday, June 29th. The shares were sold at an average price of $17.84, for a total value of $35,787.04. Following the sale, the chief accounting officer directly owned 70,944 shares in the company, valued at $1,265,640.96. This trade represents a 2.75% 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 quarter, insiders sold 78,574 shares of company stock valued at $1,204,451. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

A number of hedge funds have recently bought and sold shares of the business. BlueCrest Capital Management Ltd bought a new position in NextNav during the 2nd quarter valued at about $4,012,000. Sona Asset Management US LLC grew its stake in shares of NextNav by 37.9% in the first quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after acquiring an additional 143,349 shares during the period. State Street Corp grew its stake in shares of NextNav by 4.8% in the second quarter. State Street Corp now owns 2,343,255 shares of the company’s stock worth $41,780,000 after acquiring an additional 108,338 shares during the period. Squarepoint Ops LLC raised its holdings in shares of NextNav by 592.0% during the second quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock valued at $2,016,000 after purchasing an additional 96,734 shares during the last quarter. Finally, Wittenberg Investment Management Inc. raised its holdings in shares of NextNav by 384.2% during the fourth quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company’s stock valued at $2,014,000 after purchasing an additional 96,056 shares during the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.

NextNav Company Profile

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.