Clear Str upgraded shares of NextNav (NASDAQ:NN – Free Report) to a strong-buy rating in a research report sent to investors on Monday morning,Zacks reports.
Several other equities research analysts have also issued reports on NN. Odeon Capital Group started coverage on shares of NextNav in a report on Monday, July 20th. They set a “buy” rating and a $22.00 price target on the stock. Wall Street Zen raised shares of NextNav from a “sell” rating to a “hold” rating in a research note on Saturday, September 19th. Wells Fargo & Company reaffirmed a “buy” rating on shares of NextNav in a research report on Monday. Oppenheimer boosted their price objective on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.
Read Our Latest Report on NextNav
NextNav Trading Down 6.1%
NextNav (NASDAQ:NN – Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.15 million for the quarter, compared to analyst estimates of $0.92 million. Research analysts forecast that NextNav will post -0.46 earnings per share for the current year.
Insider Activity at NextNav
In other news, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total value of $1,068,750.90. Following the completion of the transaction, the chief executive officer owned 1,171,792 shares of the company’s stock, valued at $17,928,417.60. The trade was a 5.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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, General Counsel James Black sold 1,878 shares of the business’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 completion of the transaction, the general counsel owned 89,810 shares of the company’s stock, valued at $1,377,685.40. This represents a 2.05% 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. Insiders sold a total of 78,574 shares of company stock valued at $1,204,451 in the last three months. Company insiders own 7.80% of the company’s stock.
Institutional Trading of NextNav
Large investors have recently made changes to their positions in the stock. State Street Corp boosted its stake in NextNav by 4.8% during the second quarter. State Street Corp now owns 2,343,255 shares of the company’s stock worth $41,780,000 after buying an additional 108,338 shares during the period. BlueCrest Capital Management Ltd purchased a new stake in NextNav in the 2nd quarter valued at about $4,012,000. Squarepoint Ops LLC increased its holdings in NextNav by 592.0% during the 2nd quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock worth $2,016,000 after purchasing an additional 96,734 shares during the period. Corient Private Wealth LP raised its position in NextNav by 66.7% during 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 in the last quarter. Finally, Grove Bank & Trust purchased a new stake in shares of NextNav in the 2nd quarter worth $53,000. 79.16% of the stock is currently owned by institutional investors.
About NextNav
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.
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