NextNav (NASDAQ:NN) Sees Strong Trading Volume – Here’s What Happened

Shares of NextNav Inc. (NASDAQ:NN) saw strong trading volume on Wednesday . 1,274,032 shares traded hands during trading, a decline of 18% from the previous session’s volume of 1,546,448 shares.The stock last traded at $19.4830 and had previously closed at $22.57.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Oppenheimer upgraded NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a research note on Thursday, April 16th. UBS Group set a $25.00 price objective on NextNav in a research note on Thursday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research note on Thursday, January 22nd. Finally, Wall Street Zen lowered NextNav from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 21st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, NextNav has an average rating of “Hold” and a consensus target price of $25.00.

NextNav Stock Performance

The firm has a market capitalization of $2.20 billion, a P/E ratio of -10.53 and a beta of 0.98. The business has a 50 day simple moving average of $17.16 and a two-hundred day simple moving average of $15.47.

NextNav (NASDAQ:NN) last announced its earnings results on Tuesday, March 17th. The company reported ($0.13) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.13). The business had revenue of $0.95 million during the quarter, compared to the consensus estimate of $0.86 million. On average, equities analysts anticipate that NextNav Inc. will post -0.59 earnings per share for the current fiscal year.

Insider Transactions at NextNav

In other news, General Counsel James S. Black sold 9,429 shares of the stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $17.97, for a total transaction of $169,439.13. Following the transaction, the general counsel directly owned 93,566 shares in the company, valued at approximately $1,681,381.02. This represents a 9.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Timothy Gray sold 1,405 shares of the stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.11, for a total value of $25,444.55. Following the transaction, the chief financial officer owned 131,786 shares in the company, valued at $2,386,644.46. This trade represents a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 101,133 shares of company stock valued at $1,733,594 over the last 90 days. Company insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On NextNav

Several institutional investors have recently modified their holdings of NN. Van ECK Associates Corp increased its position in shares of NextNav by 79.5% during the 4th quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company’s stock valued at $22,955,000 after purchasing an additional 611,179 shares during the last quarter. Susquehanna Advisors Group Inc. increased its position in shares of NextNav by 12.1% during the 3rd quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company’s stock valued at $77,325,000 after purchasing an additional 584,804 shares during the last quarter. Vanguard Group Inc. increased its position in shares of NextNav by 9.0% during the 4th quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock valued at $115,361,000 after purchasing an additional 573,214 shares during the last quarter. Philosophy Capital Management LLC bought a new position in shares of NextNav during the 3rd quarter valued at about $7,791,000. Finally, UBS Group AG increased its position in shares of NextNav by 35.0% during the 4th quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock valued at $33,144,000 after purchasing an additional 516,045 shares during the last quarter. 79.16% of the stock is currently owned by institutional investors.

About NextNav

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.