NextNav (NASDAQ:NN) Shares Gap Up – Should You Buy?

NextNav Inc. (NASDAQ:NN) shares gapped up before the market opened on Wednesday . The stock had previously closed at $20.05, but opened at $22.99. NextNav shares last traded at $21.91, with a volume of 860,475 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently commented on NN. UBS Group set a $25.00 price objective on NextNav in a research report on Thursday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Oppenheimer reissued an “outperform” rating and set a $50.00 target price on shares of NextNav in a research note on Wednesday. Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, B. Riley Financial reiterated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $37.50.

NextNav Trading Up 11.5%

The company has a 50-day simple moving average of $19.06 and a 200 day simple moving average of $16.82. The company has a market cap of $3.05 billion, a P/E ratio of -18.47 and a beta of 1.04.

NextNav (NASDAQ:NN) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.03. The firm had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.94 million. On average, equities analysts forecast that NextNav Inc. will post -0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Timothy Gray sold 1,405 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $18.11, for a total value of $25,444.55. Following the completion of the transaction, the chief financial officer directly owned 131,786 shares of the company’s stock, valued at $2,386,644.46. This trade represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel James S. Black sold 9,429 shares of the firm’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $17.97, for a total value of $169,439.13. Following the completion of the transaction, the general counsel owned 93,566 shares of the company’s stock, valued at $1,681,381.02. This trade represents a 9.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 31,280 shares of company stock valued at $552,379. 7.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in 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 acquiring an additional 573,214 shares during the last quarter. UBS Group AG lifted its stake in NextNav by 35.0% in the 4th quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock worth $33,144,000 after purchasing an additional 516,045 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of NextNav by 70.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 105,466 shares of the company’s stock worth $1,508,000 after purchasing an additional 43,694 shares during the last quarter. Keybank National Association OH acquired a new position in shares of NextNav during the 4th quarter worth approximately $378,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of NextNav by 21.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,409 shares of the company’s stock valued at $290,000 after purchasing an additional 3,040 shares in the last quarter. 79.16% of the stock is owned by institutional investors and hedge funds.

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.