NextNav (NASDAQ:NN) Shares Up 7.6% – Here’s Why

NextNav Inc. (NASDAQ:NN)’s stock price was up 7.6% on Friday. The stock traded as high as $9.79 and last traded at $9.91. 804,649 shares were traded during trading, a decline of 65% from the average daily volume of 2,316,518 shares. The stock had previously closed at $9.21.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NN. 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 report on Monday, July 20th. They set a “buy” rating and a $22.00 price objective on the stock. Clear Str raised NextNav to a “strong-buy” rating in a report on Monday, September 21st. Wall Street Zen cut shares of NextNav from a “hold” rating to a “sell” rating in a research report on Sunday, September 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, NextNav presently has a consensus rating of “Moderate Buy” and an average price target of $32.33.

NextNav Stock Up 9.4%

The firm has a market cap of $1.70 billion, a price-to-earnings ratio of -10.39 and a beta of 1.16. The stock has a 50 day moving average of $14.13 and a 200 day moving average of $16.63.

NextNav (NASDAQ:NN) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) 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 firm had revenue of $1.15 million for the quarter, compared to analyst estimates of $0.92 million. As a group, analysts predict that NextNav Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling

In other NextNav news, CEO Mariam Sorond sold 2,831 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $14.72, for a total transaction of $41,672.32. Following the completion of the sale, the chief executive officer directly owned 1,168,961 shares in the company, valued at $17,207,105.92. This represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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, 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 value of $28,808.52. Following the sale, the general counsel owned 89,810 shares of the company’s stock, valued at $1,377,685.40. The trade was a 2.05% 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 90 days, insiders have sold 87,667 shares of company stock worth $1,331,153. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

Institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC acquired a new position in shares of NextNav during the third quarter worth $49,000. Nisa Investment Advisors LLC bought a new position in shares of NextNav in the 3rd quarter worth about $147,000. Steel Grove Capital Advisors LLC bought a new stake in NextNav in the third quarter worth approximately $344,000. GK Wealth Management LLC acquired a new position in shares of NextNav during the 3rd quarter valued at $29,000. Finally, State Street Corp raised its holdings in shares of NextNav by 4.8% during the second 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. Institutional investors and hedge funds own 79.16% of the company’s stock.

About NextNav

NextNav Inc (NASDAQ:NN) develops positioning, navigation and timing technologies designed to provide reliable location information in environments where traditional GPS and satellite-based systems may be unavailable, inaccurate or vulnerable to disruption. The company’s services are intended for applications in communications, public safety, transportation, logistics, mapping and other industries that rely on precise location and timing data.

NextNav’s primary products include Pinnacle, a terrestrial network that provides three-dimensional positioning, including accurate altitude information, and TerraPoiNT, a terrestrial positioning, navigation and timing system designed to complement or serve as an alternative to GPS.