NextNav (NASDAQ:NN) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of NextNav (NASDAQ:NN) from a hold rating to a strong-buy rating in a research note published on Wednesday,Zacks.com reports.

A number of other brokerages have also commented on NN. UBS Group set a $25.00 price objective on shares of NextNav in a report on Thursday, April 16th. Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Finally, Odeon Capital Group initiated coverage on shares of NextNav in a research report on Monday. They issued a “buy” rating and a $22.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.33.

NextNav Stock Performance

NASDAQ NN opened at $12.65 on Wednesday. The business has a 50 day simple moving average of $18.56 and a 200 day simple moving average of $17.46. NextNav has a 52-week low of $10.87 and a 52-week high of $24.42. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -10.45 and a beta of 1.06.

NextNav (NASDAQ:NN) last announced its earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.03. The company had revenue of $0.99 million for the quarter, compared to analyst estimates of $0.94 million. On average, analysts predict that NextNav will post -0.48 EPS for the current year.

Insider Buying and Selling at NextNav

In other news, CEO Mariam Sorond sold 2,830 shares of NextNav stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total value of $51,873.90. Following the completion of the transaction, the chief executive officer owned 1,241,665 shares of the company’s stock, valued at $22,759,719.45. This trade represents a 0.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 dated Friday, June 12th. The stock was sold at an average price of $22.96, for a total transaction of $43,118.88. Following the transaction, the general counsel owned 91,688 shares in the company, valued at $2,105,156.48. This represents a 2.01% 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 sold a total of 76,567 shares of company stock worth $1,522,252 over the last quarter. 7.80% of the stock is currently owned by insiders.

Institutional Trading of NextNav

Several institutional investors and hedge funds have recently bought and sold shares of NN. Russell Investments Group Ltd. increased its stake in NextNav by 6.6% during the 4th quarter. Russell Investments Group Ltd. now owns 10,950 shares of the company’s stock worth $182,000 after acquiring an additional 675 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of NextNav by 1.5% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,253 shares of the company’s stock worth $733,000 after purchasing an additional 714 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of NextNav by 0.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 200,213 shares of the company’s stock worth $3,332,000 after purchasing an additional 863 shares in the last quarter. Cannell & Spears LLC increased its position in shares of NextNav by 0.7% in the first quarter. Cannell & Spears LLC now owns 122,851 shares of the company’s stock worth $1,961,000 after purchasing an additional 899 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of NextNav by 347.0% in the fourth 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 during the period. Institutional investors own 79.16% of the company’s stock.

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.