NextNav (NASDAQ:NN) Downgraded by Zacks Research to “Hold”

NextNav (NASDAQ:NN) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

Other equities analysts have also issued reports about the stock. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. Wall Street Zen raised NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Odeon Capital Group initiated coverage on NextNav in a research note on Monday, July 20th. They issued a “buy” rating and a $22.00 price target on the stock. Oppenheimer boosted their price target on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $32.33.

NextNav Stock Performance

Shares of NN opened at $17.55 on Thursday. The firm has a market cap of $2.96 billion, a P/E ratio of -18.09 and a beta of 1.10. NextNav has a twelve month low of $10.87 and a twelve month high of $24.42. The firm’s 50 day moving average price is $16.14 and its two-hundred day moving average price is $17.55.

NextNav (NASDAQ:NN) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%.The company had revenue of $1.15 million for the quarter, compared to the consensus estimate of $0.92 million. On average, sell-side analysts anticipate that NextNav will post -0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Mariam Sorond sold 2,830 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total value of $51,873.90. Following the sale, the chief executive officer owned 1,241,665 shares of the company’s stock, valued at $22,759,719.45. The trade was a 0.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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, 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 transaction of $35,787.04. Following the transaction, the chief accounting officer owned 70,944 shares of the company’s stock, valued at $1,265,640.96. The trade was a 2.75% decrease in their position. The SEC filing for this sale provides additional information. 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 have sold 76,567 shares of company stock worth $1,522,252 over the last ninety days. Insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On NextNav

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of NextNav by 9.0% in the 4th 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. Susquehanna Advisors Group Inc. increased its position in shares of NextNav by 1.4% in the fourth quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company’s stock valued at $91,226,000 after acquiring an additional 74,995 shares during the last quarter. Geode Capital Management LLC raised its holdings in NextNav by 4.6% during the fourth quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company’s stock worth $37,754,000 after acquiring an additional 100,058 shares in the last quarter. State Street Corp raised its holdings in NextNav by 1.9% during the fourth quarter. State Street Corp now owns 2,171,877 shares of the company’s stock worth $36,140,000 after acquiring an additional 40,762 shares in the last quarter. Finally, Plustick Management LLC boosted its position in NextNav by 1.3% during the fourth quarter. Plustick Management LLC now owns 2,065,818 shares of the company’s stock valued at $34,375,000 after purchasing an additional 25,818 shares during the last quarter. 79.16% of the stock is owned by institutional investors.

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.