NextNav (NASDAQ:NN) Raised to Strong-Buy at Zacks Research

NextNav (NASDAQ:NN) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Wall Street Zen raised NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. UBS Group set a $25.00 price objective on NextNav in a research report on Thursday, April 16th. Odeon Capital Group assumed coverage on NextNav in a research note on Monday. They issued a “buy” rating and a $22.00 price objective on the stock. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, NextNav has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

NextNav Trading Down 1.2%

Shares of NextNav stock opened at $12.65 on Wednesday. The company has a market cap of $1.73 billion, a PE ratio of -10.45 and a beta of 1.06. The company has a 50 day moving average of $18.56 and a 200-day moving average of $17.46. NextNav has a 1-year low of $10.87 and a 1-year high of $24.42.

NextNav (NASDAQ:NN) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.03. The firm had revenue of $0.99 million during the quarter, compared to the consensus estimate of $0.94 million. Research analysts forecast that NextNav will post -0.48 earnings per share for the current year.

Insider Buying and Selling at NextNav

In other news, CEO Mariam Sorond sold 2,830 shares of the company’s stock in a transaction 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 approximately $22,759,719.45. This represents a 0.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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, CAO Sammaad Shams sold 2,006 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $17.84, for a total value of $35,787.04. Following the completion of the transaction, the chief accounting officer owned 70,944 shares of the company’s stock, valued at $1,265,640.96. The trade was a 2.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 quarter. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd increased its holdings in NextNav by 347.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock worth $37,000 after purchasing an additional 1,721 shares in the last quarter. KBC Group NV acquired a new stake in shares of NextNav during the first quarter valued at about $38,000. Grove Bank & Trust bought a new stake in shares of NextNav during the second quarter worth about $53,000. Kemnay Advisory Services Inc. bought a new stake in shares of NextNav during the fourth quarter worth about $97,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of NextNav in the fourth quarter valued at approximately $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.