NextNav (NASDAQ:NN) Stock Sees Unusually High Call Option Buying

NextNav Inc. (NASDAQ:NN) was the recipient of unusually large options trading on Tuesday. Stock traders bought 71,663 call options on the company. This is an increase of 237% compared to the typical daily volume of 21,238 call options.

NextNav Price Performance

Shares of NN stock traded down $0.05 during trading hours on Tuesday, hitting $13.27. The stock had a trading volume of 4,905,243 shares, compared to its average volume of 2,261,475. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of -13.68 and a beta of 1.16. NextNav has a one year low of $10.87 and a one year high of $24.42. The stock’s 50-day moving average price is $15.46 and its two-hundred day moving average price is $17.28.

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on NN. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Wells Fargo & Company reissued a “buy” rating on shares of NextNav in a research report on Monday, September 21st. Zacks Research lowered NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Odeon Capital Group began coverage on shares of NextNav in a report on Monday, July 20th. They set a “buy” rating and a $22.00 price target for the company. Finally, Clear Str raised shares of NextNav to a “strong-buy” rating in a research note on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

Insider Transactions at NextNav

In other NextNav news, CEO Mariam Sorond sold 2,831 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total value of $41,672.32. Following the completion of the transaction, the chief executive officer owned 1,168,961 shares in the company, valued at approximately $17,207,105.92. This represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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, CFO Timothy Gray sold 11,099 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $14.64, for a total value of $162,489.36. Following the completion of the sale, the chief financial officer directly owned 120,687 shares in the company, valued at approximately $1,766,857.68. This represents a 8.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 87,667 shares of company stock valued at $1,331,153. 7.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NextNav

Large investors have recently bought and sold shares of the business. State Street Corp boosted its position in shares of NextNav by 4.8% in the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company’s stock valued at $41,780,000 after purchasing an additional 108,338 shares during the period. BlueCrest Capital Management Ltd purchased a new stake in shares of NextNav in the second quarter worth approximately $4,012,000. Squarepoint Ops LLC grew its position in shares of NextNav by 592.0% during the 2nd quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock valued at $2,016,000 after acquiring an additional 96,734 shares during the period. Corient Private Wealth LP boosted its holdings in NextNav by 66.7% in the 2nd quarter. Corient Private Wealth LP now owns 30,975 shares of the company’s stock valued at $552,000 after purchasing an additional 12,393 shares during the period. Finally, Grove Bank & Trust purchased a new position in shares of NextNav during the second quarter worth approximately $53,000. Institutional investors own 79.16% of the company’s stock.

About NextNav

NextNav Inc develops positioning, navigation and timing technologies designed to provide accurate location information where traditional GPS may be unavailable, unreliable or insufficient. The company’s solutions are intended to support applications that require precise two-dimensional and three-dimensional geolocation, including public safety, wireless communications, mapping, transportation and critical infrastructure.

Its Pinnacle platform provides nationwide vertical-location services, enabling devices and networks to determine elevation or floor level in addition to latitude and longitude.