Shares of NextNav Inc. (NASDAQ:NN – Get Free Report) rose 5.7% on Friday . The stock traded as high as $17.15 and last traded at $17.62. Approximately 174,454 shares were traded during trading, a decline of 91% from the average daily volume of 2,037,838 shares. The stock had previously closed at $16.67.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on the company. UBS Group set a $25.00 target price on NextNav in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. Oppenheimer lifted their target price on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. B. Riley Financial reissued a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. Finally, Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.50.
View Our Latest Report on NextNav
NextNav Stock Performance
NextNav (NASDAQ:NN – Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.03. The business had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $0.94 million. As a group, sell-side analysts expect that NextNav Inc. will post -0.48 EPS for the current fiscal year.
Insider Transactions at NextNav
In other news, CEO Mariam Sorond sold 2,830 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $18.33, for a total value of $51,873.90. Following the completion of the sale, the chief executive officer directly owned 1,241,665 shares in the company, valued at $22,759,719.45. This represents a 0.23% decrease in their ownership of the stock. 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, General Counsel James S. Black sold 1,878 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $22.96, for a total value of $43,118.88. Following the completion of the sale, the general counsel directly owned 91,688 shares of the company’s stock, valued at approximately $2,105,156.48. This represents a 2.01% 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. In the last quarter, insiders sold 74,561 shares of company stock valued at $1,486,465. 7.80% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of NextNav by 8.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company’s stock valued at $579,000 after purchasing an additional 3,543 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of NextNav by 34.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company’s stock valued at $5,705,000 after buying an additional 120,123 shares during the period. Creative Planning grew its stake in shares of NextNav by 81.5% in the 2nd quarter. Creative Planning now owns 29,184 shares of the company’s stock valued at $444,000 after buying an additional 13,109 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of NextNav by 33.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 61,772 shares of the company’s stock worth $939,000 after buying an additional 15,565 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of NextNav by 23.3% during the 2nd quarter. Legal & General Group Plc now owns 68,946 shares of the company’s stock valued at $1,048,000 after buying an additional 13,027 shares during the period. Institutional investors and hedge funds own 79.16% of the company’s stock.
NextNav Company Profile
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.
Featured Articles
- Five stocks we like better than NextNav
- AST SpaceMobile Just Nailed a Major Launch—So Why Is the Stock Crashing?
- Palantir’s Valuation Problem Just Met 2 New Growth Catalysts
- Xcel Energy Stock Offers Stability as Electricity Demand Builds
- Data Center Delays Create Opportunity in These 3 Stocks
Receive News & Ratings for NextNav Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NextNav and related companies with MarketBeat.com's FREE daily email newsletter.
