NextNav (NASDAQ:NN) Earns Buy Rating from Analysts at Odeon Capital Group

Odeon Capital Group began coverage on shares of NextNav (NASDAQ:NN) in a report issued on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $22.00 price target on the stock. Odeon Capital Group’s price objective would suggest a potential upside of 61.14% from the company’s current price.

Several other brokerages also recently weighed in on NN. UBS Group set a $25.00 target price on NextNav in a research note on Thursday, April 16th. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Oppenheimer increased their target price on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Finally, Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, NextNav currently has a consensus rating of “Hold” and a consensus price target of $32.33.

NextNav Stock Up 4.5%

Shares of NASDAQ:NN traded up $0.59 during trading on Monday, reaching $13.65. 254,177 shares of the company’s stock traded hands, compared to its average volume of 2,078,698. The company has a 50-day simple moving average of $19.20 and a 200-day simple moving average of $17.56. NextNav has a fifty-two week low of $10.87 and a fifty-two week high of $24.42. The firm has a market cap of $1.86 billion, a PE ratio of -11.11 and a beta of 1.06.

NextNav (NASDAQ:NN) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.03. The firm had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $0.94 million. On average, equities research analysts forecast that NextNav will post -0.48 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Mariam Sorond sold 69,853 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $19.92, for a total value of $1,391,471.76. Following the completion of the sale, the chief executive officer owned 1,244,495 shares in the company, valued at $24,790,340.40. This trade represents a 5.31% decrease in their ownership of the stock. The sale 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 dated Friday, June 12th. The stock was sold at an average price of $22.96, for a total value of $43,118.88. Following the transaction, the general counsel owned 91,688 shares in the company, valued at $2,105,156.48. This trade represents a 2.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 a total of 76,567 shares of company stock valued at $1,522,252 over the last quarter. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On NextNav

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in NextNav by 9.0% in the fourth 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 in the last quarter. Susquehanna Advisors Group Inc. grew its position in shares of NextNav by 1.4% in the fourth quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company’s stock valued at $91,226,000 after purchasing an additional 74,995 shares in the last quarter. Geode Capital Management LLC raised its position in shares of NextNav by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company’s stock worth $37,754,000 after acquiring an additional 100,058 shares in the last quarter. State Street Corp grew its position in shares of NextNav by 1.9% during the fourth quarter. State Street Corp now owns 2,171,877 shares of the company’s stock worth $36,140,000 after purchasing an additional 40,762 shares in the last quarter. Finally, Plustick Management LLC increased its stake in NextNav by 1.3% during the fourth quarter. Plustick Management LLC now owns 2,065,818 shares of the company’s stock worth $34,375,000 after acquiring an additional 25,818 shares during the last quarter. 79.16% of the stock is currently owned by institutional investors and hedge funds.

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.