NextNav (NASDAQ:NN) Shares Gap Up – Time to Buy?

NextNav Inc. (NASDAQ:NN)’s stock price gapped up prior to trading on Friday. The stock had previously closed at $11.60, but opened at $13.00. NextNav shares last traded at $12.8680, with a volume of 1,141,621 shares traded.

Analysts Set New Price Targets

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

NextNav Price Performance

The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -12.93 and a beta of 1.16. The stock has a 50 day moving average price of $15.41 and a 200-day moving average price of $17.16.

NextNav (NASDAQ:NN) last issued its 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). NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. The business had revenue of $1.15 million during the quarter, compared to analyst estimates of $0.92 million. As a group, research analysts forecast that NextNav Inc. will post -0.46 earnings per share for the current year.

Insider Activity

In related news, General Counsel James S. Black sold 1,878 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $15.34, for a total transaction of $28,808.52. Following the completion of the transaction, the general counsel owned 89,810 shares in the company, valued at approximately $1,377,685.40. The trade was a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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, CFO Timothy Gray sold 11,099 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total transaction of $162,489.36. Following the sale, the chief financial officer owned 120,687 shares of the company’s stock, valued at $1,766,857.68. This represents a 8.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 87,667 shares of company stock valued at $1,331,153. 7.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NextNav

A number of large investors have recently modified their holdings of the business. Cannell & Spears LLC increased its stake in shares of NextNav by 0.7% in the first 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. Greenhaven Road Investment Management L.P. increased its position in NextNav by 3.3% in the fourth quarter. Greenhaven Road Investment Management L.P. now owns 62,000 shares of the company’s stock worth $1,032,000 after buying an additional 2,000 shares during the period. KBC Group NV bought a new stake in NextNav in the 1st quarter valued at about $38,000. Grove Bank & Trust bought a new position in NextNav in the 2nd quarter worth approximately $53,000. Finally, Bank of America Corp DE grew its stake in shares of NextNav by 1.2% in the first quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock worth $4,165,000 after purchasing an additional 3,028 shares in the last quarter. 79.16% of the stock is owned by hedge funds and other institutional investors.

NextNav Company Profile

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.