Clear Str Upgrades NextNav (NASDAQ:NN) to Strong-Buy

NextNav (NASDAQ:NN) was upgraded by Clear Str to a “strong-buy” rating in a research note issued on Monday, Zacks reports.

Other equities analysts have also recently issued reports about the stock. Zacks Research cut shares of NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Wells Fargo & Company restated a “buy” rating on shares of NextNav in a research report on Monday. Wall Street Zen raised NextNav from a “sell” rating to a “hold” rating in a research note on Saturday, September 19th. Odeon Capital Group started coverage on NextNav in a report on Monday, July 20th. They set a “buy” rating and a $22.00 target price on the stock. Finally, Oppenheimer boosted their target price on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. One research 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.

NextNav Price Performance

Shares of NASDAQ:NN opened at $14.39 on Monday. The firm’s 50 day simple moving average is $15.28 and its 200 day simple moving average is $17.43. NextNav has a fifty-two week low of $10.87 and a fifty-two week high of $24.42. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -14.83 and a beta of 1.12.

NextNav (NASDAQ:NN) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. The firm had revenue of $1.15 million for the quarter, compared to analyst estimates of $0.92 million. Equities research analysts expect that NextNav will post -0.46 earnings per share for the current year.

Insiders Place Their Bets

In other NextNav news, General Counsel James 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 owned 89,810 shares of the company’s stock, valued at $1,377,685.40. This trade represents a 2.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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, CAO Sammaad Shams sold 2,006 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $17.84, for a total value of $35,787.04. Following the completion of the sale, the chief accounting officer owned 70,944 shares in the company, valued at approximately $1,265,640.96. This trade represents a 2.75% 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. In the last 90 days, insiders sold 78,574 shares of company stock worth $1,204,451. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

A number of large investors have recently bought and sold shares of the company. BlueCrest Capital Management Ltd bought a new position in shares of NextNav during the 2nd quarter worth approximately $4,012,000. Sona Asset Management US LLC raised its holdings in shares of NextNav by 37.9% in the first quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock valued at $8,354,000 after purchasing an additional 143,349 shares during the last quarter. State Street Corp lifted its position in shares of NextNav by 4.8% in the second quarter. State Street Corp now owns 2,343,255 shares of the company’s stock worth $41,780,000 after purchasing an additional 108,338 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in NextNav by 592.0% during the second quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock worth $2,016,000 after purchasing an additional 96,734 shares during the last quarter. Finally, Wittenberg Investment Management Inc. boosted its holdings in NextNav by 384.2% during the fourth quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company’s stock worth $2,014,000 after purchasing an additional 96,056 shares during the last quarter. Institutional investors and hedge funds own 79.16% of the company’s stock.

NextNav Company Profile

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.