NextNav (NASDAQ:NN) Stock Rating Lowered by Wall Street Zen

NextNav (NASDAQ:NN) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other brokerages have also weighed in on NN. Zacks Research lowered NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. Oppenheimer upped their price target on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Finally, Odeon Capital Group started coverage on NextNav in a research note on Monday, July 20th. They set a “buy” rating and a $22.00 price target for the company. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $32.33.

NextNav Stock Performance

NN traded down $0.35 during midday trading on Friday, reaching $15.36. The company had a trading volume of 2,137,055 shares, compared to its average volume of 3,078,702. NextNav has a 12-month low of $10.87 and a 12-month high of $24.42. The business has a 50-day moving average price of $15.83 and a two-hundred day moving average price of $17.60. The stock has a market cap of $2.59 billion, a PE ratio of -15.83 and a beta of 1.10.

NextNav (NASDAQ:NN) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The company had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $0.92 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%. On average, research analysts anticipate that NextNav will post -0.46 earnings per share for the current year.

Insider Activity at NextNav

In related news, CEO Mariam Sorond sold 2,830 shares of the firm’s stock in a transaction that occurred on 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 directly owned 1,241,665 shares of the company’s stock, valued at approximately $22,759,719.45. This trade represents a 0.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 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 completion of the transaction, the general counsel owned 91,688 shares of the company’s stock, 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. In the last ninety days, insiders have sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NextNav

Several hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LP raised its stake in shares of NextNav by 66.7% during the 2nd quarter. Corient Private Wealth LP now owns 30,975 shares of the company’s stock valued at $552,000 after purchasing an additional 12,393 shares during the period. California State Teachers Retirement System boosted its stake in NextNav by 1,457.0% in the 2nd quarter. California State Teachers Retirement System now owns 1,515,710 shares of the company’s stock worth $27,025,000 after purchasing an additional 1,418,363 shares during the period. Grove Bank & Trust bought a new position in NextNav in the 2nd quarter worth about $53,000. Bank of America Corp DE grew its holdings in NextNav by 1.2% during the 1st quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock valued at $4,165,000 after buying an additional 3,028 shares in the last quarter. Finally, Amundi grew its holdings in NextNav by 7.5% during the 1st quarter. Amundi now owns 43,703 shares of the company’s stock valued at $700,000 after buying an additional 3,043 shares in the last quarter. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

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.