NextNav Target of Unusually Large Options Trading (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the recipient of unusually large options trading activity on Friday. Traders purchased 87,659 call options on the stock. This is an increase of 331% compared to the typical volume of 20,345 call options.

Insider Buying and Selling

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 NextNav stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $22.96, for a total value of $43,118.88. Following the completion of the sale, the general counsel directly owned 91,688 shares in the company, valued at $2,105,156.48. This represents a 2.01% decrease in their position. The SEC filing for this sale provides additional information. 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 sold 76,567 shares of company stock valued at $1,522,252 over the last ninety days. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of NextNav

Several institutional investors and hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd grew its position in shares of NextNav by 347.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock valued at $37,000 after purchasing an additional 1,721 shares during the last quarter. KBC Group NV acquired a new position in shares of NextNav during the 1st quarter worth approximately $38,000. Grove Bank & Trust acquired a new position in shares of NextNav during the 2nd quarter worth approximately $53,000. Kemnay Advisory Services Inc. purchased a new stake in NextNav in the 4th quarter valued at approximately $97,000. Finally, Osterweis Capital Management Inc. purchased a new stake in NextNav in the 4th quarter valued at approximately $109,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

NextNav Stock Up 2.0%

Shares of NN stock opened at $19.90 on Friday. NextNav has a fifty-two week low of $10.87 and a fifty-two week high of $24.42. The stock has a market cap of $3.36 billion, a P/E ratio of -20.52 and a beta of 1.10. The business has a fifty day simple moving average of $16.46 and a 200-day simple moving average of $17.45.

NextNav (NASDAQ:NN) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%.The firm had revenue of $1.15 million for the quarter, compared to analyst estimates of $0.92 million. On average, sell-side analysts anticipate that NextNav will post -0.51 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NN shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Odeon Capital Group initiated coverage on shares of NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 price target for the company. Finally, Zacks Research raised NextNav from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

About NextNav

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.