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

NextNav Inc. (NASDAQ:NN) was the recipient of some unusual options trading on Thursday. Stock traders acquired 30,544 call options on the stock. This is an increase of approximately 155% compared to the typical daily volume of 11,966 call options.

NextNav Price Performance

NN stock traded up $0.13 during mid-day trading on Thursday, reaching $21.16. The company had a trading volume of 1,976,622 shares, compared to its average volume of 1,834,626. NextNav has a 12 month low of $10.84 and a 12 month high of $24.19. The firm has a 50 day moving average of $17.79 and a 200 day moving average of $15.99. The company has a market capitalization of $2.88 billion, a PE ratio of -13.75 and a beta of 1.03.

NextNav (NASDAQ:NN) last posted its quarterly earnings results on Tuesday, March 17th. The company reported ($0.13) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.13). The firm had revenue of $0.95 million for the quarter, compared to the consensus estimate of $0.86 million. Analysts anticipate that NextNav will post -0.59 EPS for the current year.

Insider Buying and Selling

In other news, CAO Sammaad Shams sold 3,945 shares of the business’s stock in a transaction that occurred on Thursday, March 26th. The stock was sold at an average price of $19.54, for a total transaction of $77,085.30. Following the transaction, the chief accounting officer owned 72,950 shares of the company’s stock, valued at approximately $1,425,443. The trade was a 5.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel James S. Black sold 9,429 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $17.97, for a total transaction of $169,439.13. Following the transaction, the general counsel owned 93,566 shares in the company, valued at $1,681,381.02. The trade was a 9.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 101,133 shares of company stock worth $1,733,594. 7.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On NextNav

A number of hedge funds and other institutional investors have recently modified their holdings of NN. Vanguard Group Inc. boosted its stake in NextNav by 9.0% in the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock valued at $115,361,000 after acquiring an additional 573,214 shares in the last quarter. UBS Group AG boosted its holdings in NextNav by 35.0% in the fourth quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock worth $33,144,000 after acquiring an additional 516,045 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in NextNav by 70.7% in the third quarter. JPMorgan Chase & Co. now owns 105,466 shares of the company’s stock worth $1,508,000 after acquiring an additional 43,694 shares in the last quarter. Traynor Capital Management Inc. acquired a new stake in NextNav in the third quarter worth about $446,000. Finally, KLP Kapitalforvaltning AS boosted its holdings in NextNav by 41.6% in the third quarter. KLP Kapitalforvaltning AS now owns 21,100 shares of the company’s stock worth $302,000 after acquiring an additional 6,200 shares in the last quarter. 79.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NN. Wall Street Zen downgraded shares of NextNav from a “hold” rating to a “strong sell” rating in a report on Saturday, March 21st. UBS Group set a $25.00 price target on shares of NextNav in a report on Thursday, April 16th. B. Riley Financial reiterated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Finally, Oppenheimer raised NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a research report on Thursday, April 16th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $25.00.

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.