NextNav (NASDAQ:NN) Trading Up 4.7% – Here’s What Happened

NextNav Inc. (NASDAQ:NN)’s share price rose 4.7% during mid-day trading on Monday . The stock traded as high as $17.24 and last traded at $16.84. Approximately 1,224,617 shares were traded during mid-day trading, an increase of 38% from the average daily volume of 884,557 shares. The stock had previously closed at $16.09.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wall Street Zen cut NextNav from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

NextNav Trading Down 4.1%

The company has a market cap of $2.21 billion, a price-to-earnings ratio of -12.58 and a beta of 0.96. The stock has a 50 day moving average price of $15.81 and a two-hundred day moving average price of $15.18.

Insiders Place Their Bets

In other news, CAO Sammaad Shams sold 1,576 shares of the business’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $16.24, for a total transaction of $25,594.24. Following the completion of the transaction, the chief accounting officer directly owned 65,995 shares in the company, valued at approximately $1,071,758.80. The trade was a 2.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On NextNav

Several institutional investors have recently modified their holdings of NN. AlphaQuest LLC acquired a new position in shares of NextNav in the 2nd quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of NextNav by 347.0% in 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. Clearstead Advisors LLC bought a new stake in shares of NextNav during the third quarter worth $52,000. FWL Investment Management LLC acquired a new stake in shares of NextNav during the second quarter worth $70,000. Finally, Kemnay Advisory Services Inc. bought a new stake in NextNav in the 4th quarter valued at $97,000. 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.