NextNav (NASDAQ:NN) Now Covered by Analysts at Odeon Capital Group

Odeon Capital Group assumed coverage on shares of NextNav (NASDAQ:NN) in a research report report published on Monday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $22.00 price target on the stock.

NN has been the topic of a number of other reports. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research note on Tuesday, April 21st. UBS Group set a $25.00 price objective on NextNav in a research report on Thursday, April 16th. Oppenheimer increased their price objective on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Finally, B. Riley Financial reiterated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $32.33.

NextNav Stock Performance

Shares of NN opened at $12.84 on Monday. The stock has a market capitalization of $1.75 billion, a PE ratio of -10.61 and a beta of 1.06. NextNav has a 1 year low of $10.87 and a 1 year high of $24.42. The company’s 50-day simple moving average is $19.05 and its 200-day simple moving average is $17.54.

NextNav (NASDAQ:NN) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.03. The business had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $0.94 million. On average, sell-side analysts predict that NextNav will post -0.48 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel James S. Black sold 1,878 shares of the firm’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 value of $43,118.88. Following the sale, the general counsel owned 91,688 shares of the company’s stock, valued at $2,105,156.48. This trade represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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, CEO Mariam Sorond sold 2,830 shares of NextNav stock in a transaction that occurred on Tuesday, June 16th. The stock was 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 owned 1,241,665 shares of the company’s stock, valued at $22,759,719.45. This represents a 0.23% 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 ninety days, insiders have sold 76,567 shares of company stock worth $1,522,252. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On NextNav

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of NextNav by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock worth $115,361,000 after purchasing an additional 573,214 shares in the last quarter. Susquehanna Advisors Group Inc. raised its stake in NextNav by 1.4% in the fourth quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company’s stock valued at $91,226,000 after buying an additional 74,995 shares in the last quarter. Geode Capital Management LLC raised its stake in NextNav by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company’s stock valued at $37,754,000 after buying an additional 100,058 shares in the last quarter. State Street Corp raised its stake in NextNav by 1.9% in the fourth quarter. State Street Corp now owns 2,171,877 shares of the company’s stock valued at $36,140,000 after buying an additional 40,762 shares in the last quarter. Finally, Plustick Management LLC lifted its holdings in NextNav by 1.3% during the 4th quarter. Plustick Management LLC now owns 2,065,818 shares of the company’s stock worth $34,375,000 after buying an additional 25,818 shares during the last quarter. 79.16% of the stock is currently owned by institutional investors and hedge funds.

NextNav Company Profile

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.