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

NextNav Inc. (NASDAQ:NN)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $20.05, but opened at $22.99. NextNav shares last traded at $21.91, with a volume of 860,475 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently commented on NN shares. B. Riley Financial restated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. UBS Group set a $25.00 price objective on shares of NextNav in a research report on Thursday, April 16th. Finally, Oppenheimer upped their price objective on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two 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 company. According to MarketBeat.com, NextNav currently has an average rating of “Hold” and an average target price of $37.50.

NextNav Trading Up 9.4%

The stock’s 50-day moving average is $19.26 and its 200-day moving average is $17.02. The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of -19.50 and a beta of 1.04.

NextNav (NASDAQ:NN) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.03. The business had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.94 million. On average, equities research analysts anticipate that NextNav Inc. will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling at NextNav

In other NextNav news, CEO Mariam Sorond sold 69,853 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 1,244,495 shares in the company, valued at approximately $24,790,340.40. This represents a 5.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 9,429 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $17.97, for a total transaction of $169,439.13. Following the completion of the transaction, the general counsel owned 93,566 shares of the company’s stock, valued at approximately $1,681,381.02. This trade represents a 9.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 101,133 shares of company stock valued at $1,943,851. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

Several institutional investors and hedge funds have recently added to or reduced their stakes in NN. Van ECK Associates Corp increased its position in NextNav by 79.5% in the 4th quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company’s stock valued at $22,955,000 after acquiring an additional 611,179 shares during the period. Susquehanna Advisors Group Inc. increased its position in shares of NextNav by 12.1% during the third quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company’s stock worth $77,325,000 after buying an additional 584,804 shares during the period. Vanguard Group Inc. increased its position in shares of 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 buying an additional 573,214 shares during the period. Philosophy Capital Management LLC acquired a new stake in shares of NextNav during the third quarter worth $7,791,000. Finally, UBS Group AG increased its position in shares of NextNav by 35.0% during the fourth quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock worth $33,144,000 after buying an additional 516,045 shares during the period. 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.