NextNav (NASDAQ:NN) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of NextNav (NASDAQ:NN) from a hold rating to a sell rating in a report issued on Saturday morning,Wall Street Zen reports.

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

NextNav Stock Performance

NASDAQ NN opened at $15.87 on Friday. NextNav has a 52-week low of $10.87 and a 52-week high of $24.42. The company has a market capitalization of $2.68 billion, a P/E ratio of -16.36 and a beta of 1.10. The company has a fifty day moving average of $15.82 and a 200-day moving average of $17.60.

NextNav (NASDAQ:NN) last released its earnings results on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. The firm had revenue of $1.15 million during the quarter, compared to the consensus estimate of $0.92 million. As a group, analysts forecast that NextNav will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling at NextNav

In other news, General Counsel James S. Black sold 1,878 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $22.96, for a total transaction of $43,118.88. Following the completion of the transaction, the general counsel directly owned 91,688 shares of the company’s stock, valued at approximately $2,105,156.48. This represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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, CEO Mariam Sorond sold 2,830 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.33, for a total transaction of $51,873.90. Following the sale, the chief executive officer owned 1,241,665 shares of the company’s stock, valued at approximately $22,759,719.45. This represents a 0.23% decrease in their ownership of the stock. 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. Over the last quarter, insiders have sold 6,714 shares of company stock worth $130,780. 7.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NextNav

Several institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd increased its stake in shares of NextNav by 347.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock valued at $37,000 after buying an additional 1,721 shares during the period. KBC Group NV purchased a new stake in NextNav in the first quarter worth $38,000. Grove Bank & Trust purchased a new stake in NextNav in the second quarter worth $53,000. Kemnay Advisory Services Inc. purchased a new stake in NextNav in the fourth quarter worth $97,000. Finally, Osterweis Capital Management Inc. bought a new stake in NextNav in the fourth quarter valued at $109,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

About NextNav

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.