NextNav Inc. $NN Holdings Raised by Squarepoint Ops LLC

Squarepoint Ops LLC lifted its stake in NextNav Inc. (NASDAQ:NN) by 592.0% in the second quarter, HoldingsChannel reports. The firm owned 113,073 shares of the company’s stock after purchasing an additional 96,734 shares during the period. Squarepoint Ops LLC’s holdings in NextNav were worth $2,016,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Corient Private Wealth LP raised its holdings in NextNav by 66.7% during the 2nd quarter. Corient Private Wealth LP now owns 30,975 shares of the company’s stock worth $552,000 after buying an additional 12,393 shares during the period. California State Teachers Retirement System lifted its stake in NextNav by 1,457.0% during the second quarter. California State Teachers Retirement System now owns 1,515,710 shares of the company’s stock valued at $27,025,000 after buying an additional 1,418,363 shares in the last quarter. Grove Bank & Trust purchased a new stake in shares of NextNav in the 2nd quarter valued at approximately $53,000. Bank of America Corp DE boosted its stake in NextNav by 1.2% in the 1st quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock worth $4,165,000 after purchasing an additional 3,028 shares during the period. Finally, Amundi grew its position in NextNav by 7.5% during the 1st quarter. Amundi now owns 43,703 shares of the company’s stock worth $700,000 after purchasing an additional 3,043 shares in the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.

NextNav Stock Up 2.4%

NASDAQ:NN opened at $15.54 on Tuesday. The company’s 50 day moving average is $15.45 and its 200-day moving average is $17.52. NextNav Inc. has a 12 month low of $10.87 and a 12 month high of $24.42. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -16.02 and a beta of 1.12.

NextNav (NASDAQ:NN) last posted 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 analyst estimates of $0.92 million. NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. Research analysts predict that NextNav Inc. will post -0.46 EPS for the current fiscal year.

Insider Activity at NextNav

In other news, CAO Sammaad Shams sold 2,006 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $17.84, for a total transaction of $35,787.04. Following the completion of the transaction, the chief accounting officer directly owned 70,944 shares in the company, valued at $1,265,640.96. The trade was a 2.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the completion of the sale, the chief executive officer owned 1,171,792 shares in the company, valued at approximately $17,928,417.60. The trade was a 5.63% 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. Insiders own 7.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NN. Oppenheimer boosted their target price on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research report on Friday, July 17th. Wall Street Zen downgraded NextNav from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Odeon Capital Group assumed coverage on NextNav in a report on Monday, July 20th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Zacks Research cut NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $32.33.

About NextNav

NextNav Inc (NASDAQ: NN) is a positioning, navigation and timing technology company that develops alternatives and complements to GPS. Its services are designed to provide accurate location and timing information in environments where GPS signals may be weak, unavailable or unreliable, including indoors and in urban areas.

The company’s primary offerings include Pinnacle, a 3D geolocation service that provides precise vertical positioning, and TerraPoiNT, a terrestrial network designed to deliver resilient positioning, navigation and timing signals.