NextNav (NASDAQ:NN) Upgraded at Zacks Research

Zacks Research upgraded shares of NextNav (NASDAQ:NN) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Odeon Capital Group started coverage on shares of NextNav in a report on Monday, July 20th. They set a “buy” rating and a $22.00 price objective for the company. UBS Group set a $25.00 price objective on shares of NextNav in a research report on Thursday, April 16th. Finally, B. Riley Financial restated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. One equities research 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 stock. Based on data from MarketBeat, NextNav presently has an average rating of “Moderate Buy” and an average price target of $32.33.

NextNav Price Performance

NN stock opened at $12.44 on Wednesday. The stock has a market capitalization of $1.70 billion, a P/E ratio of -10.28 and a beta of 1.06. NextNav has a 1-year low of $10.87 and a 1-year high of $24.42. The business has a fifty day moving average price of $18.38 and a 200-day moving average price of $17.43.

NextNav (NASDAQ:NN) last released 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 for the quarter, compared to analysts’ expectations of $0.94 million. As a group, analysts anticipate that NextNav will post -0.48 earnings per share for the current year.

Insider Buying and Selling at NextNav

In other NextNav news, CEO Mariam Sorond sold 69,853 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $19.92, for a total value of $1,391,471.76. Following the transaction, the chief executive officer directly owned 1,244,495 shares of the company’s stock, valued at approximately $24,790,340.40. This trade represents a 5.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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, General Counsel James S. Black sold 1,878 shares of the company’s 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 sale, the general counsel directly owned 91,688 shares of the company’s stock, valued at $2,105,156.48. The trade was a 2.01% 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 have sold 76,567 shares of company stock valued at $1,522,252. 7.80% of the stock is owned by company insiders.

Institutional Trading of NextNav

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

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.