Zacks Research Downgrades NextNav (NASDAQ:NN) to Hold

NextNav (NASDAQ:NN) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

Several other brokerages have also weighed in on NN. B. Riley Financial reissued a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Oppenheimer increased their target price on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. Odeon Capital Group began coverage on shares of NextNav in a research report on Monday, July 20th. They issued a “buy” rating and a $22.00 price target on the stock. Finally, Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $32.33.

NextNav Trading Up 1.3%

NextNav stock opened at $17.55 on Thursday. The business’s 50 day simple moving average is $16.14 and its 200 day simple moving average is $17.55. NextNav has a 12 month low of $10.87 and a 12 month high of $24.42. The company has a market cap of $2.96 billion, a price-to-earnings ratio of -18.09 and a beta of 1.10.

NextNav (NASDAQ:NN) last released its earnings results 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). The firm had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $0.92 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%. As a group, equities research analysts forecast that NextNav will post -0.51 earnings per share for the current fiscal year.

Insider Activity at NextNav

In related news, CEO Mariam Sorond sold 2,830 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.33, for a total transaction of $51,873.90. Following the sale, the chief executive officer owned 1,241,665 shares of the company’s stock, valued at approximately $22,759,719.45. This represents a 0.23% decrease in their position. The sale 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, CAO Sammaad Shams sold 2,006 shares of NextNav 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 transaction, the chief accounting officer directly owned 70,944 shares of the company’s stock, valued at $1,265,640.96. The trade was a 2.75% decrease in their position. 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 three months, insiders have sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On NextNav

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

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.