Wall Street Zen Upgrades NextNav (NASDAQ:NN) to Hold

NextNav (NASDAQ:NN) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also issued reports on the stock. Oppenheimer boosted their price target on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Odeon Capital Group assumed coverage on shares of NextNav in a research report on Monday, July 20th. They issued a “buy” rating and a $22.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research report on Friday, July 17th. Finally, Zacks Research lowered NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $32.33.

NextNav Price Performance

NASDAQ:NN opened at $14.22 on Friday. The firm’s fifty day moving average price is $15.29 and its 200 day moving average price is $17.46. NextNav has a 1-year low of $10.87 and a 1-year high of $24.42. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -14.66 and a beta of 1.12.

NextNav (NASDAQ:NN) last announced 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). 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%. As a group, analysts expect that NextNav will post -0.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel James Black sold 1,878 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $15.34, for a total transaction of $28,808.52. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 dated Monday, June 29th. The shares were 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 owned 70,944 shares of the company’s stock, valued at $1,265,640.96. This represents a 2.75% 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. In the last ninety days, insiders have sold 76,998 shares of company stock worth $1,181,378. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. BlueCrest Capital Management Ltd acquired a new stake in shares of NextNav during the 2nd quarter valued at approximately $4,012,000. Squarepoint Ops LLC grew its holdings in shares of NextNav by 592.0% in the 2nd quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock worth $2,016,000 after acquiring an additional 96,734 shares during the period. Corient Private Wealth LP increased its stake in NextNav by 66.7% in the 2nd quarter. Corient Private Wealth LP now owns 30,975 shares of the company’s stock valued at $552,000 after purchasing an additional 12,393 shares in the last quarter. Grove Bank & Trust purchased a new position in NextNav in the 2nd quarter valued at approximately $53,000. Finally, Bank of America Corp DE raised its holdings in NextNav by 1.2% during the first 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 last quarter. 79.16% of the stock is owned by hedge funds and other institutional investors.

NextNav Company Profile

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.