NextNav (NASDAQ:NN) Trading Up 7.7% – What’s Next?

NextNav Inc. (NASDAQ:NN) shares traded up 7.7% on Tuesday . The company traded as high as $13.79 and last traded at $13.66. 1,314,160 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 2,090,668 shares. The stock had previously closed at $12.68.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NN shares. Oppenheimer raised their price objective on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Zacks Research raised shares of NextNav from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. UBS Group set a $25.00 price target on NextNav in a report on Thursday, April 16th. Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Odeon Capital Group initiated coverage on NextNav in a research note on Monday, July 20th. They issued a “buy” rating and a $22.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.33.

NextNav Stock Up 6.0%

The company has a market capitalization of $1.83 billion, a PE ratio of -11.03 and a beta of 1.06. The company’s 50 day moving average is $18.20 and its two-hundred day moving average is $17.42.

NextNav (NASDAQ:NN) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.03. The company had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $0.94 million. Analysts forecast that NextNav Inc. will post -0.48 EPS for the current year.

Insider Buying and Selling

In other NextNav news, CAO Sammaad Shams sold 2,006 shares of NextNav stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $17.84, for a total value of $35,787.04. Following the sale, the chief accounting officer owned 70,944 shares of the company’s stock, valued at $1,265,640.96. The trade was a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 2,830 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $18.33, for a total value of $51,873.90. Following the sale, the chief executive officer directly owned 1,241,665 shares in the company, valued at $22,759,719.45. This trade represents 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 three months, insiders have sold 76,567 shares of company stock worth $1,522,252. Corporate insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On NextNav

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of NextNav by 9.0% in the 4th quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock worth $115,361,000 after buying an additional 573,214 shares in the last quarter. UBS Group AG grew its position in NextNav by 35.0% in the fourth quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock worth $33,144,000 after acquiring an additional 516,045 shares in the last quarter. Wittenberg Investment Management Inc. grew its position in NextNav by 384.2% in the fourth quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company’s stock worth $2,014,000 after acquiring an additional 96,056 shares in the last quarter. Sona Asset Management US LLC increased its stake in NextNav by 37.9% during the first quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after acquiring an additional 143,349 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in NextNav by 70.7% during the third quarter. JPMorgan Chase & Co. now owns 105,466 shares of the company’s stock worth $1,508,000 after acquiring an additional 43,694 shares during the last quarter. 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.