Shares of NextNav Inc. (NASDAQ:NN – Get Free Report) hit a new 52-week low on Wednesday. The stock traded as low as $8.78 and last traded at $8.7380, with a volume of 784,646 shares traded. The stock had previously closed at $9.85.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on NN. Odeon Capital Group started coverage on NextNav in a research note on Monday, July 20th. They set a “buy” rating and a $22.00 price target on the stock. Wells Fargo & Company restated a “buy” rating on shares of NextNav in a report on Monday, September 21st. Clear Str raised shares of NextNav to a “strong-buy” rating in a research note on Monday, September 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Thursday, October 15th. Finally, Wall Street Zen downgraded shares of NextNav from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.33.
NextNav Trading Up 6.7%
The stock has a market capitalization of $1.45 billion, a P/E ratio of -8.79 and a beta of 1.20. The company has a 50-day moving average price of $12.98 and a 200 day moving average price of $16.29.
NextNav (NASDAQ:NN – Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) earnings per share 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 company had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $0.92 million. As a group, research analysts expect that NextNav Inc. will post -0.46 earnings per share for the current year.
Insider Buying and Selling at NextNav
In other news, CEO Mariam Sorond sold 2,831 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total value of $41,672.32. Following the sale, the chief executive officer directly owned 1,168,961 shares in the company, valued at approximately $17,207,105.92. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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, CFO Timothy Gray sold 11,099 shares of NextNav stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 120,687 shares in the company, valued at approximately $1,766,857.68. The trade was a 8.42% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 87,667 shares of company stock valued at $1,331,153. 7.80% of the stock is currently owned by insiders.
Hedge Funds Weigh In On NextNav
Large investors have recently made changes to their positions in the business. General American Investors Co. Inc. purchased a new stake in NextNav during the 3rd quarter valued at about $10,063,000. Commonwealth Equity Services LLC acquired a new position in shares of NextNav in the third quarter valued at about $5,319,000. BlueCrest Capital Management Ltd purchased a new position in shares of NextNav in the second quarter worth about $4,012,000. Leelyn Smith LLC raised its stake in shares of NextNav by 1,047.2% in the third quarter. Leelyn Smith LLC now owns 233,555 shares of the company’s stock worth $3,359,000 after purchasing an additional 213,197 shares during the last quarter. Finally, Sona Asset Management US LLC lifted its holdings in shares of NextNav by 37.9% during the first quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after purchasing an additional 143,349 shares during the period. 79.16% of the stock is owned by institutional investors and hedge funds.
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.
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