NextNav Sees Unusually Large Options Volume (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the target of some unusual options trading activity on Tuesday. Traders acquired 57,369 call options on the company. This is an increase of approximately 441% compared to the average volume of 10,603 call options.

Analysts Set New Price Targets

NN has been the topic of a number of analyst reports. Oppenheimer raised shares of NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research note on Tuesday, April 21st. Wall Street Zen cut shares of NextNav from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 21st. UBS Group set a $25.00 price objective on shares of NextNav in a research note on Thursday, April 16th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $25.00.

NextNav Trading Up 5.7%

Shares of NextNav stock opened at $17.93 on Thursday. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -11.64 and a beta of 0.98. NextNav has a 1-year low of $10.84 and a 1-year high of $24.19. The firm’s 50-day moving average price is $17.32 and its two-hundred day moving average price is $15.60.

NextNav (NASDAQ:NN) last released its quarterly earnings results on Tuesday, March 17th. The company reported ($0.13) EPS for the quarter, meeting the consensus estimate of ($0.13). The company had revenue of $0.95 million for the quarter, compared to the consensus estimate of $0.86 million. As a group, equities research analysts predict that NextNav will post -0.59 EPS for the current year.

Insider Buying and Selling at NextNav

In related news, CEO Mariam Sorond sold 11,322 shares of the company’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $16.85, for a total value of $190,775.70. Following the sale, the chief executive officer owned 1,259,624 shares of the company’s stock, valued at $21,224,664.40. The trade was a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Timothy Gray sold 1,405 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.11, for a total transaction of $25,444.55. Following the completion of the sale, the chief financial officer directly owned 131,786 shares in the company, valued at approximately $2,386,644.46. The trade was a 1.05% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 101,133 shares of company stock worth $1,733,594. Insiders own 7.80% of the company’s stock.

Institutional Trading of NextNav

Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in shares of NextNav by 70.7% during the third quarter. JPMorgan Chase & Co. now owns 105,466 shares of the company’s stock valued at $1,508,000 after purchasing an additional 43,694 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of NextNav by 0.6% during the third quarter. Vanguard Group Inc. now owns 6,359,543 shares of the company’s stock valued at $90,941,000 after purchasing an additional 40,814 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of NextNav by 49.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 17,170 shares of the company’s stock valued at $286,000 after purchasing an additional 5,676 shares during the last quarter. Park Edge Advisors LLC bought a new stake in shares of NextNav during the fourth quarter valued at approximately $282,000. Finally, Wallington Asset Management LLC bought a new stake in shares of NextNav during the fourth quarter valued at approximately $299,000. 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.