NextNav Sees Unusually Large Options Volume (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) saw unusually large options trading activity on Wednesday. Stock investors acquired 10,954 call options on the stock. This is an increase of approximately 99% compared to the average volume of 5,515 call options.

NextNav Trading Down 2.2%

NASDAQ:NN traded down $0.37 during trading hours on Wednesday, reaching $16.69. 603,737 shares of the company traded hands, compared to its average volume of 1,218,391. The business’s 50-day moving average price is $15.82 and its two-hundred day moving average price is $15.17. NextNav has a 1 year low of $9.27 and a 1 year high of $18.25. The stock has a market capitalization of $2.25 billion, a P/E ratio of -12.84 and a beta of 0.96.

Insiders Place Their Bets

In related news, CAO Sammaad Shams sold 1,576 shares of NextNav stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $16.24, for a total value of $25,594.24. Following the transaction, the chief accounting officer directly owned 65,995 shares of the company’s stock, valued at $1,071,758.80. The trade was a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.70% of the stock is owned by insiders.

Institutional Investors Weigh In On NextNav

Several institutional investors have recently modified their holdings of the business. AlphaQuest LLC bought a new position in shares of NextNav in the second quarter worth about $25,000. Caitong International Asset Management Co. Ltd raised its stake 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. Clearstead Advisors LLC purchased a new position in NextNav during the third quarter valued at approximately $52,000. FWL Investment Management LLC bought a new position in shares of NextNav in the second quarter worth approximately $70,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of NextNav in the fourth quarter worth $97,000. 79.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NN. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of NextNav from a “hold” rating to a “sell” rating in a report on Saturday, January 31st. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, NextNav presently has a consensus rating of “Reduce”.

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.