NextNav (NASDAQ:NN) Rating Lowered to Hold at Zacks Research

NextNav (NASDAQ:NN) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

A number of other analysts have also commented on NN. Oppenheimer lifted their target price on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Wall Street Zen raised NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. B. Riley Financial restated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Odeon Capital Group started coverage on NextNav in a research note on Monday, July 20th. They set a “buy” rating and a $22.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Three 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 stock. According to MarketBeat, NextNav has a consensus rating of “Hold” and a consensus target price of $32.33.

NextNav Trading Up 1.3%

Shares of NASDAQ NN opened at $17.55 on Thursday. The firm has a market capitalization of $2.96 billion, a PE ratio of -18.09 and a beta of 1.10. NextNav has a 1 year low of $10.87 and a 1 year high of $24.42. The firm’s 50-day moving average is $16.14 and its 200-day moving average is $17.55.

NextNav (NASDAQ:NN) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.08). NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%.The business had revenue of $1.15 million for the quarter, compared to analyst estimates of $0.92 million. As a group, equities research analysts anticipate that NextNav will post -0.51 earnings per share for the current fiscal year.

Insider Activity at NextNav

In related news, General Counsel James S. Black sold 1,878 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $22.96, for a total transaction of $43,118.88. Following the completion of the transaction, the general counsel owned 91,688 shares in the company, valued at approximately $2,105,156.48. The trade was a 2.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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, CAO Sammaad Shams sold 2,006 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $17.84, for a total transaction of $35,787.04. Following the completion of the sale, the chief accounting officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. 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 90 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

Large investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd raised its stake in NextNav by 347.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock worth $37,000 after buying an additional 1,721 shares during the period. KBC Group NV acquired a new position in NextNav in the first quarter valued at about $38,000. Grove Bank & Trust acquired a new position in NextNav in the second quarter valued at about $53,000. Kemnay Advisory Services Inc. bought a new stake in shares of NextNav in the fourth quarter worth about $97,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of NextNav in the fourth quarter worth about $109,000. 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.