NextNav (NASDAQ:NN) Trading Up 13.8% – Still a Buy?

Shares of NextNav Inc. (NASDAQ:NN) rose 13.8% during mid-day trading on Tuesday . The stock traded as high as $16.58 and last traded at $17.5530. 888,703 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 2,140,906 shares. The stock had previously closed at $15.43.

Analyst Upgrades and Downgrades

NN has been the subject of a number of recent research reports. Zacks Research upgraded shares of NextNav from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Wall Street Zen raised NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. B. Riley Financial reiterated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Odeon Capital Group began coverage on NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 price target for the company. Finally, Oppenheimer increased their price target on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.33.

NextNav Price Performance

The stock has a market capitalization of $2.62 billion, a P/E ratio of -19.82 and a beta of 1.10. The company’s 50-day simple moving average is $16.58 and its 200-day simple moving average is $17.41.

NextNav (NASDAQ:NN) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). The business had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $0.92 million. On average, analysts forecast that NextNav Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Sammaad Shams sold 2,006 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $17.84, for a total value of $35,787.04. Following the sale, the chief accounting officer owned 70,944 shares in the company, valued at approximately $1,265,640.96. This represents a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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, CEO Mariam Sorond sold 69,853 shares of the stock in a transaction 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 sale, the chief executive officer owned 1,244,495 shares in the company, valued at approximately $24,790,340.40. This trade represents a 5.31% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 valued at $1,522,252. 7.80% of the stock is owned by insiders.

Institutional Trading of NextNav

A number of hedge funds have recently modified their holdings of NN. Russell Investments Group Ltd. increased its position in NextNav by 6.6% during the 4th quarter. Russell Investments Group Ltd. now owns 10,950 shares of the company’s stock worth $182,000 after buying an additional 675 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in NextNav by 1.5% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,253 shares of the company’s stock worth $733,000 after acquiring an additional 714 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in NextNav by 0.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 200,213 shares of the company’s stock valued at $3,332,000 after purchasing an additional 863 shares during the period. Cannell & Spears LLC grew its position in shares of NextNav by 0.7% during the 1st quarter. Cannell & Spears LLC now owns 122,851 shares of the company’s stock worth $1,961,000 after purchasing an additional 899 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised 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 buying an additional 1,721 shares in the last quarter. Institutional investors and hedge funds 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.