NextNav (NASDAQ:NN) Shares Up 6.2% – Here’s What Happened

NextNav Inc. (NASDAQ:NN)’s share price rose 6.2% on Thursday. The stock traded as high as $8.73 and last traded at $8.9780. 312,992 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 2,427,364 shares. The stock had previously closed at $8.45.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on NN shares. Wells Fargo & Company reaffirmed a “buy” rating on shares of NextNav in a research note on Monday, September 21st. Clear Str upgraded shares of NextNav to a “strong-buy” rating in a research report on Monday, September 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research note on Thursday, October 15th. Zacks Research cut NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Finally, Wall Street Zen lowered NextNav from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.33.

NextNav Stock Up 5.4%

The company has a 50 day moving average of $12.42 and a 200 day moving average of $16.14. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of -10.05 and a beta of 1.20.

NextNav (NASDAQ:NN) last issued its quarterly earnings results on Tuesday, November 10th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.08. The firm had revenue of $1.58 million for the quarter, compared to analyst estimates of $0.99 million. NextNav had a negative return on equity of 129.25% and a negative net margin of 2,451.65%. On average, research analysts forecast that NextNav Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Activity at NextNav

In other NextNav news, CEO Mariam Sorond sold 2,831 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total transaction of $41,672.32. Following the transaction, the chief executive officer owned 1,168,961 shares of the company’s stock, valued at $17,207,105.92. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 on Wednesday, September 23rd. The shares were 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 owned 120,687 shares in the company, valued at approximately $1,766,857.68. This trade represents a 8.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 87,667 shares of company stock worth $1,331,153. 7.80% of the stock is owned by company insiders.

Institutional Trading of NextNav

A number of institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp raised its position in shares of NextNav by 14.2% in the 3rd quarter. State Street Corp now owns 2,676,573 shares of the company’s stock worth $38,489,000 after buying an additional 333,318 shares during the period. Creek Drive Management Group LLC purchased a new stake in NextNav during the third quarter valued at about $2,840,000. Voya Investment Management LLC purchased a new stake in NextNav during the third quarter valued at about $281,000. Wharton Business Group LLC purchased a new stake in NextNav during the third quarter valued at about $810,000. Finally, Royce & Associates LP acquired a new stake in NextNav during the third quarter worth about $1,495,000. 79.16% of the stock is currently owned by institutional investors and hedge funds.

NextNav Company Profile

NextNav, Inc. develops positioning, navigation and timing technologies designed to complement and help provide alternatives to satellite-based GPS. Its services support location-aware applications in environments where GPS signals may be limited, including indoors and in urban areas. The company’s offerings include Pinnacle, a service that provides vertical location information, such as a device’s floor or height within a building, and TerraPoiNT, a terrestrial network designed to deliver positioning and timing signals.