NextNav (NASDAQ:NN – Get Free Report) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Sunday, Wall Street Zen reports.
NN has been the topic of a number of other reports. Oppenheimer upped their price target on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Odeon Capital Group initiated coverage on NextNav in a research note on Monday, July 20th. They set a “buy” rating and a $22.00 target price on the stock. Zacks Research lowered NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research report on Friday, July 17th. Finally, Clear Str upgraded NextNav to a “strong-buy” rating in a research note on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given 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 an average price target of $32.33.
NextNav Stock Down 1.0%
NextNav (NASDAQ:NN – Get Free Report) last posted 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). The firm had revenue of $1.15 million for 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 forecast that NextNav will post -0.46 EPS for the current fiscal year.
Insider Activity
In other NextNav news, CFO Timothy Gray sold 11,099 shares of NextNav stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total transaction of $162,489.36. Following the completion of the sale, the chief financial officer owned 120,687 shares of the company’s stock, valued at approximately $1,766,857.68. The trade was a 8.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 NextNav stock in a transaction dated 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 directly owned 89,810 shares of the company’s stock, valued at approximately $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 have sold 87,667 shares of company stock valued at $1,331,153 over the last ninety days. 7.80% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the company. Sona Asset Management US LLC raised its position in NextNav by 37.9% during the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after buying an additional 143,349 shares during the last quarter. Wittenberg Investment Management Inc. lifted its stake in NextNav by 384.2% during the 4th quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company’s stock valued at $2,014,000 after acquiring an additional 96,056 shares during the period. BlueCrest Capital Management Ltd purchased a new stake in shares of NextNav in the 2nd quarter valued at $4,012,000. State Street Corp boosted its holdings 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 acquiring an additional 108,338 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in shares of NextNav by 592.0% in 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 last quarter. 79.16% of the stock is currently owned by hedge funds and other 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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