NextNav (NASDAQ:NN) Shares Gap Up – Still a Buy?

NextNav Inc. (NASDAQ:NN)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $16.97, but opened at $18.67. NextNav shares last traded at $19.1520, with a volume of 981,367 shares.

Analyst Upgrades and Downgrades

NN has been the topic of a number of recent research reports. Wall Street Zen lowered shares of NextNav from a “hold” rating to a “strong sell” rating in a report on Saturday, March 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Thursday, January 22nd. Oppenheimer upgraded shares of NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a report on Thursday. Finally, UBS Group set a $25.00 price target on shares of NextNav in a report on Thursday. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, NextNav has an average rating of “Hold” and an average target price of $25.00.

NextNav Price Performance

The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -13.45 and a beta of 0.98. The firm’s fifty day moving average is $16.59 and its 200-day moving average is $15.24.

NextNav (NASDAQ:NN) last issued its earnings results on Tuesday, March 17th. The company reported ($0.13) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.13). The business had revenue of $0.95 million during the quarter, compared to the consensus estimate of $0.86 million. As a group, equities research analysts anticipate that NextNav Inc. will post -0.74 EPS for the current year.

Insider Activity at NextNav

In other news, CAO Sammaad Shams sold 3,945 shares of the company’s stock in a transaction dated Thursday, March 26th. The shares were sold at an average price of $19.54, for a total transaction of $77,085.30. Following the transaction, the chief accounting officer owned 72,950 shares in the company, valued at approximately $1,425,443. This represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Gray sold 1,405 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.11, for a total transaction of $25,444.55. Following the transaction, the chief financial officer owned 131,786 shares in the company, valued at $2,386,644.46. This represents a 1.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 101,133 shares of company stock worth $1,733,594 over the last three months. 7.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NextNav

Several institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd raised its holdings in shares of NextNav by 732.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,127 shares of the company’s stock valued at $69,000 after purchasing an additional 3,631 shares during the period. Corient Private Wealth LLC raised its holdings in shares of NextNav by 104.7% during the fourth quarter. Corient Private Wealth LLC now owns 35,042 shares of the company’s stock valued at $583,000 after purchasing an additional 17,921 shares during the period. Tudor Investment Corp ET AL raised its holdings in shares of NextNav by 57.7% during the fourth quarter. Tudor Investment Corp ET AL now owns 99,942 shares of the company’s stock valued at $1,663,000 after purchasing an additional 36,563 shares during the period. Occudo Quantitative Strategies LP acquired a new position in shares of NextNav during the fourth quarter valued at about $481,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of NextNav during the fourth quarter valued at about $109,000. Institutional investors and hedge funds own 79.16% of the company’s stock.

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.