Traders Purchase High Volume of NextNav Call Options (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the target of some unusual options trading activity on Tuesday. Traders acquired 111,581 call options on the company. This represents an increase of approximately 658% compared to the average volume of 14,722 call options.

NextNav Price Performance

NextNav stock opened at $17.83 on Wednesday. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of -14.74 and a beta of 1.04. The firm has a 50-day moving average of $19.99 and a two-hundred day moving average of $17.65. NextNav has a 1 year low of $10.87 and a 1 year high of $24.42.

NextNav (NASDAQ:NN) last issued its earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.03. The company had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $0.94 million. Research analysts expect that NextNav will post -0.48 earnings per share for the current year.

Analyst Ratings Changes

NN has been the topic of a number of analyst reports. Oppenheimer upped their target price on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. B. Riley Financial reissued a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. Wall Street Zen raised NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, UBS Group set a $25.00 price objective on NextNav in a research report on Thursday, April 16th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $37.50.

Insider Activity

In related news, CEO Mariam Sorond sold 2,830 shares of NextNav stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total transaction of $51,873.90. Following the completion of the transaction, the chief executive officer directly owned 1,241,665 shares of the company’s stock, valued at approximately $22,759,719.45. The trade was a 0.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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, CAO Sammaad Shams sold 2,006 shares of the company’s 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 transaction, the chief accounting officer owned 70,944 shares in the company, valued at $1,265,640.96. The trade was a 2.75% 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 76,567 shares of company stock valued at $1,522,252. 7.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its holdings in shares of NextNav by 6.6% in the 4th quarter. Russell Investments Group Ltd. now owns 10,950 shares of the company’s stock worth $182,000 after buying an additional 675 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of NextNav by 1.5% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,253 shares of the company’s stock valued at $733,000 after acquiring an additional 714 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of NextNav by 0.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 200,213 shares of the company’s stock valued at $3,332,000 after acquiring an additional 863 shares in the last quarter. Cannell & Spears LLC lifted its stake in NextNav by 0.7% in the first quarter. Cannell & Spears LLC now owns 122,851 shares of the company’s stock worth $1,961,000 after acquiring an additional 899 shares during the period. Finally, Caitong International Asset Management Co. Ltd lifted its stake in NextNav by 347.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock worth $37,000 after acquiring an additional 1,721 shares during the period. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

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.