NextNav (NASDAQ:NN) Rating Increased to Strong-Buy at Clear Str

Clear Str upgraded shares of NextNav (NASDAQ:NN) to a strong-buy rating in a research report sent to investors on Monday morning,Zacks reports.

A number of other equities research analysts have also recently commented on NN. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Zacks Research downgraded shares of NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Odeon Capital Group started coverage on NextNav in a report on Monday, July 20th. They issued a “buy” rating and a $22.00 target price on the stock. Oppenheimer raised their target price on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company reissued a “buy” rating on shares of NextNav in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.33.

NextNav Price Performance

NASDAQ:NN opened at $14.39 on Monday. NextNav has a one year low of $10.87 and a one year high of $24.42. The company’s 50-day simple moving average is $15.28 and its 200 day simple moving average is $17.43. The firm has a market capitalization of $2.43 billion, a P/E ratio of -14.83 and a beta of 1.12.

NextNav (NASDAQ:NN) last released its earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The business had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $0.92 million. NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. On average, equities research analysts expect that NextNav will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at NextNav

In other news, CEO Mariam Sorond sold 69,853 shares of the stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $15.30, for a total value of $1,068,750.90. Following the completion of the sale, the chief executive officer directly owned 1,171,792 shares of the company’s stock, valued at $17,928,417.60. This represents a 5.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 firm’s stock in a transaction 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 sale, 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. Insiders have sold 78,574 shares of company stock valued at $1,204,451 over the last 90 days. 7.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. State Street Corp increased its stake in NextNav by 4.8% in the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company’s stock worth $41,780,000 after buying an additional 108,338 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new position in shares of NextNav in the second quarter valued at about $4,012,000. Squarepoint Ops LLC lifted its position in shares of NextNav by 592.0% in the second quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock valued at $2,016,000 after acquiring an additional 96,734 shares in the last quarter. Corient Private Wealth LP boosted its stake in shares of NextNav by 66.7% in the second quarter. Corient Private Wealth LP now owns 30,975 shares of the company’s stock worth $552,000 after acquiring an additional 12,393 shares during the period. Finally, Grove Bank & Trust bought a new position in shares of NextNav in the second quarter worth about $53,000. Institutional investors own 79.16% of the company’s stock.

About NextNav

NextNav Inc (NASDAQ: NN) is a positioning, navigation and timing technology company that develops alternatives and complements to GPS. Its services are designed to provide accurate location and timing information in environments where GPS signals may be weak, unavailable or unreliable, including indoors and in urban areas.

The company’s primary offerings include Pinnacle, a 3D geolocation service that provides precise vertical positioning, and TerraPoiNT, a terrestrial network designed to deliver resilient positioning, navigation and timing signals.