NextNav (NASDAQ:NN) Earns Buy Rating from Analysts at Odeon Capital Group

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

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

NextNav Stock Down 4.0%

NextNav stock opened at $12.81 on Monday. NextNav has a 52 week low of $10.87 and a 52 week high of $24.42. The business has a 50-day simple moving average of $18.75 and a 200 day simple moving average of $17.49. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -10.59 and a beta of 1.06.

NextNav (NASDAQ:NN) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share 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, research analysts anticipate that NextNav will post -0.48 earnings per share for the current year.

Insider Activity

In other news, CAO Sammaad Shams sold 2,006 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $17.84, for a total transaction of $35,787.04. Following the transaction, the chief accounting officer directly owned 70,944 shares in the company, valued at approximately $1,265,640.96. This represents a 2.75% decrease in their position. 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, General Counsel James S. Black sold 1,878 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $22.96, for a total value of $43,118.88. Following the completion of the sale, the general counsel 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. The SEC filing for this sale provides additional information. 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. In the last three months, insiders have sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NextNav

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of NextNav by 9.0% in the 4th quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock valued at $115,361,000 after purchasing an additional 573,214 shares in the last quarter. Susquehanna Advisors Group Inc. raised its position in NextNav by 1.4% in the 4th quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company’s stock worth $91,226,000 after purchasing an additional 74,995 shares during the period. Geode Capital Management LLC raised its position in 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 during the period. State Street Corp lifted 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 worth $36,140,000 after purchasing an additional 40,762 shares during the last quarter. Finally, Plustick Management LLC lifted its stake in NextNav by 1.3% in the fourth 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 last quarter. 79.16% of the stock is currently owned by 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.