NextNav Sees Unusually High Options Volume (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the target of unusually large options trading activity on Wednesday. Traders bought 37,942 call options on the company. This represents an increase of 134% compared to the average daily volume of 16,199 call options.

Analyst Upgrades and Downgrades

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

NextNav Stock Down 2.7%

Shares of NASDAQ NN opened at $14.89 on Thursday. The stock’s 50-day simple moving average is $19.44 and its two-hundred day simple moving average is $17.61. The firm has a market capitalization of $2.03 billion, a P/E ratio of -12.31 and a beta of 1.06. NextNav has a twelve month low of $10.87 and a twelve month high of $24.42.

NextNav (NASDAQ:NN) last announced its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.03. The company had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.94 million. As a group, research analysts anticipate that NextNav will post -0.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel James S. Black sold 1,878 shares of the 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 transaction, the general counsel owned 91,688 shares of the company’s stock, valued at $2,105,156.48. This represents a 2.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total value of $51,873.90. Following the completion of the sale, the chief executive officer directly owned 1,241,665 shares of the company’s stock, valued at $22,759,719.45. The trade was 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 ninety days, insiders sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is currently owned by company insiders.

Institutional Trading of NextNav

Several hedge funds have recently added to or reduced their stakes in NN. Grove Bank & Trust purchased a new stake in NextNav during the second quarter valued at about $53,000. Bank of America Corp DE grew its stake in shares of NextNav by 1.2% in the first quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock worth $4,165,000 after purchasing an additional 3,028 shares during the last quarter. Amundi increased its stake in shares of NextNav by 7.5% during the first quarter. Amundi now owns 43,703 shares of the company’s stock valued at $700,000 after buying an additional 3,043 shares during the period. California State Teachers Retirement System increased its position in NextNav by 41.6% during the 1st quarter. California State Teachers Retirement System now owns 97,347 shares of the company’s stock valued at $1,559,000 after purchasing an additional 28,584 shares during the period. Finally, Quantinno Capital Management LP purchased a new position in shares of NextNav during the first quarter valued at about $364,000. 79.16% of the stock is owned by 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.