Empyrean Capital Partners LP Sells 454,000 Shares of NextNav Inc. $NN

Empyrean Capital Partners LP lessened its holdings in shares of NextNav Inc. (NASDAQ:NN) by 24.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,432,000 shares of the company’s stock after selling 454,000 shares during the period. Empyrean Capital Partners LP’s holdings in NextNav were worth $22,941,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NN. Caitong International Asset Management Co. Ltd raised its holdings 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 buying an additional 1,721 shares during the period. KBC Group NV purchased a new position in NextNav during the 1st quarter valued at $38,000. Kemnay Advisory Services Inc. purchased a new position in NextNav during the 4th quarter valued at $97,000. Osterweis Capital Management Inc. bought a new position in NextNav in the 4th quarter valued at $109,000. Finally, Kestra Advisory Services LLC bought a new position in NextNav in the 4th quarter valued at $116,000. Institutional investors own 79.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NN. Zacks Research upgraded NextNav from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Odeon Capital Group initiated coverage on shares of NextNav in a research note on Monday, July 20th. They issued a “buy” rating and a $22.00 price target on the stock. B. Riley Financial reiterated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Finally, Oppenheimer boosted their price objective on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.33.

NextNav Stock Performance

NASDAQ NN opened at $12.68 on Tuesday. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of -10.48 and a beta of 1.06. The company’s 50-day simple moving average is $18.20 and its two-hundred day simple moving average is $17.42. NextNav Inc. has a one year low of $10.87 and a one year high of $24.42.

NextNav (NASDAQ:NN) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.03. The business had revenue of $0.99 million during the quarter, compared to the consensus estimate of $0.94 million. Equities analysts expect that NextNav Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Activity at NextNav

In related news, General Counsel James S. Black sold 1,878 shares of NextNav stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $22.96, for a total transaction of $43,118.88. Following the transaction, the general counsel directly owned 91,688 shares of the company’s stock, valued at $2,105,156.48. This trade represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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, CAO Sammaad Shams sold 2,006 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $17.84, for a total transaction of $35,787.04. Following the completion of the transaction, the chief accounting officer directly owned 70,944 shares of the company’s stock, valued at $1,265,640.96. This trade represents a 2.75% 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. Insiders have sold a total of 76,567 shares of company stock valued at $1,522,252 over the last ninety days. 7.80% of the stock is owned by company insiders.

NextNav 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.