NextNav Sees Unusually High Options Volume (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the recipient of some unusual options trading on Tuesday. Stock investors bought 62,806 call options on the company. This is an increase of approximately 171% compared to the average daily volume of 23,164 call options.

Insider Activity at NextNav

In related news, CFO Timothy Gray sold 11,099 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $14.64, for a total transaction of $162,489.36. Following the completion of the sale, the chief financial officer directly owned 120,687 shares in the company, valued at approximately $1,766,857.68. This trade represents a 8.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel James S. Black sold 1,878 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $15.34, for a total value of $28,808.52. Following the completion of the sale, the general counsel directly owned 89,810 shares of the company’s stock, valued at $1,377,685.40. This represents a 2.05% 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. Insiders sold a total of 87,667 shares of company stock valued at $1,331,153 over the last three months. 7.80% of the stock is owned by insiders.

Hedge Funds Weigh In On NextNav

Several large investors have recently made changes to their positions in the company. GK Wealth Management LLC purchased a new stake in NextNav during the 3rd quarter worth approximately $29,000. KBC Group NV acquired a new position in shares of NextNav during the 1st quarter worth about $38,000. Sterling Capital Management LLC acquired a new stake in shares of NextNav in the 3rd quarter valued at about $49,000. Grove Bank & Trust purchased a new position in NextNav during the 2nd quarter worth $53,000. Finally, Nisa Investment Advisors LLC purchased a new position in shares of NextNav in the 3rd quarter valued at about $147,000. 79.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on NN shares. Clear Str upgraded shares of NextNav to a “strong-buy” rating in a research report on Monday, September 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research note on Thursday, October 15th. Wall Street Zen cut NextNav from a “hold” rating to a “sell” rating in a report on Sunday, September 27th. Odeon Capital Group started 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, Zacks Research downgraded shares of NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $32.33.

NextNav Price Performance

NextNav stock traded up $0.63 during mid-day trading on Tuesday, reaching $11.91. 3,369,937 shares of the company traded hands, compared to its average volume of 2,379,723. The firm’s 50 day moving average price is $14.06 and its 200 day moving average price is $16.45. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -12.28 and a beta of 1.16. NextNav has a 52-week low of $8.98 and a 52-week high of $24.42.

NextNav (NASDAQ:NN) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The company 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%. On average, sell-side analysts anticipate that NextNav will post -0.46 EPS for the current year.

NextNav Company Profile

NextNav Inc (NASDAQ:NN) develops positioning, navigation and timing technologies designed to provide reliable location information in environments where traditional GPS and satellite-based systems may be unavailable, inaccurate or vulnerable to disruption. The company’s services are intended for applications in communications, public safety, transportation, logistics, mapping and other industries that rely on precise location and timing data.

NextNav’s primary products include Pinnacle, a terrestrial network that provides three-dimensional positioning, including accurate altitude information, and TerraPoiNT, a terrestrial positioning, navigation and timing system designed to complement or serve as an alternative to GPS.