Traders Purchase High Volume of NextNav Call Options (NASDAQ:NN)

NextNav Inc. (NASDAQ:NN) was the target of some unusual options trading activity on Tuesday. Investors acquired 44,566 call options on the stock. This is an increase of approximately 545% compared to the average volume of 6,908 call options.

Insider Activity

In other news, CFO Timothy Gray sold 1,405 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.11, for a total value of $25,444.55. Following the completion of the sale, the chief financial officer owned 131,786 shares in the company, valued at approximately $2,386,644.46. This trade represents a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sammaad Shams sold 1,767 shares of NextNav stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $18.11, for a total transaction of $32,000.37. Following the transaction, the chief accounting officer directly owned 76,895 shares of the company’s stock, valued at approximately $1,392,568.45. This represents a 2.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 97,188 shares of company stock worth $1,656,508 over the last 90 days. Insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On NextNav

Several institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in NextNav by 6.3% during the 2nd quarter. Geode Capital Management LLC now owns 1,933,030 shares of the company’s stock valued at $29,385,000 after purchasing an additional 115,261 shares during the period. Squarepoint Ops LLC lifted its position in shares of NextNav by 419.1% in the 2nd quarter. Squarepoint Ops LLC now owns 125,546 shares of the company’s stock worth $1,908,000 after purchasing an additional 101,360 shares during the period. DCF Advisers LLC boosted its stake in shares of NextNav by 53.8% during the second quarter. DCF Advisers LLC now owns 20,000 shares of the company’s stock valued at $304,000 after purchasing an additional 7,000 shares in the last quarter. Corsair Capital Management L.P. boosted its stake in shares of NextNav by 17.3% during the second quarter. Corsair Capital Management L.P. now owns 67,777 shares of the company’s stock valued at $1,030,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in NextNav by 2.8% during the second quarter. Steward Partners Investment Advisory LLC now owns 219,911 shares of the company’s stock valued at $3,343,000 after buying an additional 6,050 shares during the period. Hedge funds and other institutional investors own 79.16% of the company’s stock.

NextNav Trading Down 1.1%

Shares of NASDAQ NN traded down $0.20 during trading hours on Tuesday, reaching $18.48. The stock had a trading volume of 641,609 shares, compared to its average volume of 1,296,798. NextNav has a 52-week low of $10.64 and a 52-week high of $19.91. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -12.04 and a beta of 0.96. The business’s fifty day moving average price is $16.17 and its two-hundred day moving average price is $15.26.

NextNav (NASDAQ:NN) last released its quarterly earnings data on Tuesday, March 17th. The company reported ($0.13) EPS for the quarter, hitting the consensus estimate of ($0.13). The company had revenue of $0.95 million for the quarter, compared to the consensus estimate of $0.86 million. NextNav had a negative return on equity of 556.83% and a negative net margin of 4,503.43%. Equities research analysts anticipate that NextNav will post -0.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NN has been the topic of a number of analyst reports. Wall Street Zen cut NextNav from a “hold” rating to a “strong sell” rating in a research note on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce”.

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.