NextNav (NASDAQ:NN) Lowered to “Hold” Rating by Zacks Research

Zacks Research cut shares of NextNav (NASDAQ:NN) from a strong-buy rating to a hold rating in a research note released on Thursday morning,Zacks.com reports.

NN has been the subject of several other research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Oppenheimer lifted their price objective on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Odeon Capital Group initiated coverage on NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 price objective on the stock. Finally, B. Riley Financial restated a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, NextNav currently has a consensus rating of “Hold” and a consensus price target of $32.33.

NextNav Stock Performance

Shares of NN opened at $17.55 on Thursday. The company has a 50-day simple moving average of $16.14 and a 200-day simple moving average of $17.55. The firm has a market capitalization of $2.96 billion, a P/E ratio of -18.09 and a beta of 1.10. NextNav has a 52 week low of $10.87 and a 52 week high of $24.42.

NextNav (NASDAQ:NN) last released its earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $1.15 million during the quarter, compared to the consensus estimate of $0.92 million. As a group, equities analysts forecast that NextNav will post -0.51 earnings per share for the current year.

Insider Activity at NextNav

In related news, CAO Sammaad Shams sold 2,006 shares of the 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 transaction, the chief accounting officer owned 70,944 shares of the company’s stock, valued at $1,265,640.96. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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, General Counsel James S. Black sold 1,878 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $22.96, for a total transaction of $43,118.88. Following the transaction, the general counsel owned 91,688 shares of the company’s stock, valued at approximately $2,105,156.48. This represents a 2.01% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. 7.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On NextNav

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in NextNav by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock worth $115,361,000 after acquiring an additional 573,214 shares in the last quarter. UBS Group AG boosted its stake in shares of NextNav by 35.0% in 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 in the last quarter. Sona Asset Management US LLC boosted its stake in shares of NextNav by 37.9% in the 1st 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 in the last quarter. Wittenberg Investment Management Inc. grew its holdings in shares of NextNav by 384.2% in the 4th 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. Finally, Commonwealth Equity Services LLC increased its position in shares of NextNav by 12.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company’s stock worth $6,390,000 after purchasing an additional 41,004 shares in the last quarter. 79.16% of the stock is currently owned by institutional investors.

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.