NextNav Sees Unusually Large Options Volume (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the recipient of some unusual options trading on Wednesday. Stock traders bought 37,942 call options on the company. This represents an increase of 134% compared to the typical daily volume of 16,199 call options.

Analysts Set New Price Targets

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

Insider Activity at NextNav

In related news, CEO Mariam Sorond sold 69,853 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $19.92, for a total value of $1,391,471.76. Following the completion of the transaction, the chief executive officer directly owned 1,244,495 shares in the company, valued at approximately $24,790,340.40. This represents a 5.31% decrease in their ownership of the stock. The sale 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, General Counsel James S. Black sold 1,878 shares of NextNav stock in a transaction on Friday, June 12th. The shares were 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 in the company, valued at $2,105,156.48. This represents a 2.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last three months, insiders have sold 76,567 shares of company stock worth $1,522,252. 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 made changes to their positions in the stock. Van ECK Associates Corp raised its holdings in 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 acquiring an additional 611,179 shares in the last quarter. Susquehanna Advisors Group Inc. grew its holdings in NextNav by 12.1% during the 3rd quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company’s stock worth $77,325,000 after acquiring an additional 584,804 shares in the last quarter. Vanguard Group Inc. grew its holdings in NextNav by 9.0% during the 4th 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 in the last quarter. Philosophy Capital Management LLC purchased a new stake in shares of NextNav in the 3rd quarter valued at approximately $7,791,000. Finally, UBS Group AG increased its position in shares of NextNav by 35.0% in 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 last quarter. 79.16% of the stock is owned by institutional investors and hedge funds.

NextNav Stock Down 7.1%

NASDAQ:NN opened at $13.84 on Friday. NextNav has a 52 week low of $10.87 and a 52 week high of $24.42. The company has a fifty day simple moving average of $19.33 and a two-hundred day simple moving average of $17.59. The company has a market cap of $1.89 billion, a price-to-earnings ratio of -11.44 and a beta of 1.06.

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 the consensus estimate of ($0.15) by $0.03. The company had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.94 million. On average, analysts expect that NextNav will post -0.48 EPS for the current year.

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.