NextNav Inc. (NASDAQ:NN) Stock Has Consensus Target Price of $32.33 According to Brokerages

NextNav Inc. (NASDAQ:NN) has received an average rating of “Moderate Buy” from the seven research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $32.33.

Several research firms recently commented on NN. Wall Street Zen downgraded NextNav from a “hold” rating to a “sell” rating in a report on Sunday, September 27th. Odeon Capital Group assumed coverage on shares of NextNav in a research note on Monday, July 20th. They set a “buy” rating and a $22.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a report on Thursday, October 15th. Wells Fargo & Company reaffirmed a “buy” rating on shares of NextNav in a report on Monday, September 21st. Finally, Clear Str upgraded shares of NextNav to a “strong-buy” rating in a research note on Monday, September 21st.

NextNav Trading Up 2.4%

Shares of NN opened at $9.85 on Wednesday. The business’s fifty day simple moving average is $13.26 and its two-hundred day simple moving average is $16.36. NextNav has a 12 month low of $8.98 and a 12 month high of $24.42.

NextNav (NASDAQ:NN) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The business 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%. Equities analysts expect that NextNav will post -0.46 earnings per share for the current year.

Insider Activity at NextNav

In related news, General Counsel James Black sold 1,878 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $15.34, for a total value of $28,808.52. Following the sale, the general counsel owned 89,810 shares in the company, valued at approximately $1,377,685.40. This trade represents a 2.05% 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, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the completion of the sale, the chief executive officer directly owned 1,171,792 shares of the company’s stock, valued at approximately $17,928,417.60. This trade represents a 5.63% 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. Insiders have sold a total of 87,667 shares of company stock worth $1,331,153 over the last quarter. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

A number of institutional investors and hedge funds have recently modified their holdings of the company. Leelyn Smith LLC grew its stake in shares of NextNav by 1,047.2% during the 3rd quarter. Leelyn Smith LLC now owns 233,555 shares of the company’s stock valued at $3,359,000 after purchasing an additional 213,197 shares during the period. CenterBook Partners LP increased its position in shares of NextNav by 309.1% during the 3rd quarter. CenterBook Partners LP now owns 124,630 shares of the company’s stock valued at $1,792,000 after purchasing an additional 94,169 shares during the last quarter. General American Investors Co. Inc. purchased a new stake in shares of NextNav during the 3rd quarter valued at about $10,063,000. Commonwealth Equity Services LLC bought a new position in shares of NextNav in the 3rd quarter worth approximately $5,319,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of NextNav in the 3rd quarter worth approximately $111,000. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

About NextNav

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.