NextNav (NASDAQ:NN) Sees Strong Trading Volume – What’s Next?

NextNav Inc. (NASDAQ:NN) saw unusually-strong trading volume on Wednesday . Approximately 747,424 shares were traded during mid-day trading, a decline of 37% from the previous session’s volume of 1,177,839 shares.The stock last traded at $18.9750 and had previously closed at $16.87.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Thursday, January 22nd. Wall Street Zen raised NextNav from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

NextNav Stock Performance

The firm has a market capitalization of $2.65 billion, a PE ratio of -15.10 and a beta of 0.96. The stock’s 50-day simple moving average is $15.85 and its 200-day simple moving average is $15.21.

NextNav (NASDAQ:NN) last posted its earnings results on Tuesday, March 17th. The company reported ($0.13) EPS for the quarter, hitting the consensus estimate of ($0.13). The firm had revenue of $0.95 million during the quarter, compared to analysts’ expectations of $0.86 million. NextNav had a negative net margin of 3,109.88% and a negative return on equity of 556.83%. As a group, analysts predict that NextNav Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Transactions at NextNav

In other NextNav news, CEO Mariam Sorond sold 69,853 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $16.91, for a total value of $1,181,214.23. Following the completion of the sale, the chief executive officer directly owned 1,270,946 shares in the company, valued at $21,491,696.86. This trade represents a 5.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 7.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of NextNav by 8.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company’s stock valued at $579,000 after purchasing an additional 3,543 shares during the period. Goldman Sachs Group Inc. grew its stake in NextNav by 34.5% in the first quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company’s stock worth $5,705,000 after purchasing an additional 120,123 shares during the period. ProShare Advisors LLC raised its holdings in NextNav by 4.4% in the second quarter. ProShare Advisors LLC now owns 18,056 shares of the company’s stock worth $274,000 after purchasing an additional 765 shares in the last quarter. Geode Capital Management LLC raised its holdings in NextNav by 6.3% in the second quarter. Geode Capital Management LLC now owns 1,933,030 shares of the company’s stock worth $29,385,000 after purchasing an additional 115,261 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey lifted its position in NextNav by 10.2% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 20,276 shares of the company’s stock valued at $308,000 after buying an additional 1,884 shares during the period. Hedge funds and other institutional investors own 79.16% of the company’s stock.

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.