NextNav Sees Unusually High Options Volume (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the recipient of unusually large options trading activity on Tuesday. Investors purchased 111,581 call options on the company. This represents an increase of 658% compared to the typical daily volume of 14,722 call options.

NextNav Price Performance

NN opened at $17.75 on Thursday. NextNav has a fifty-two week low of $10.87 and a fifty-two week high of $24.42. The company’s 50 day moving average price is $19.88 and its two-hundred day moving average price is $17.66. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of -14.67 and a beta of 1.07.

NextNav (NASDAQ:NN) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (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 the consensus estimate of $0.94 million. As a group, equities research analysts predict that NextNav will post -0.48 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. UBS Group set a $25.00 target price on NextNav in a report on Thursday, April 16th. Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. Oppenheimer lifted their target price on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.50.

Insiders Place Their Bets

In related news, CAO Sammaad Shams sold 2,006 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $17.84, for a total transaction of $35,787.04. Following the sale, the chief accounting officer owned 70,944 shares in the company, valued at approximately $1,265,640.96. This trade represents a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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, CEO Mariam Sorond sold 2,830 shares of NextNav stock in a transaction that occurred on Tuesday, June 16th. The shares were 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 directly owned 1,241,665 shares in the company, valued at $22,759,719.45. This trade represents a 0.23% decrease in their ownership of the stock. 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. Insiders have sold 76,567 shares of company stock worth $1,522,252 over the last ninety days. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp increased its stake in shares of NextNav by 79.5% in the fourth quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company’s stock valued at $22,955,000 after buying an additional 611,179 shares during the period. Susquehanna Advisors Group Inc. boosted its holdings in NextNav by 12.1% in the third quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company’s stock valued at $77,325,000 after acquiring an additional 584,804 shares during the last quarter. Vanguard Group Inc. boosted its holdings in NextNav by 9.0% in the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock valued at $115,361,000 after acquiring an additional 573,214 shares during the last quarter. Philosophy Capital Management LLC acquired a new stake in NextNav during the 3rd quarter valued at approximately $7,791,000. Finally, UBS Group AG increased its position in NextNav by 35.0% during the 4th quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock valued at $33,144,000 after purchasing an additional 516,045 shares during the period. 79.16% of the stock is 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.