Commonwealth Equity Services LLC Grows Stake in NextNav Inc. $NN

Commonwealth Equity Services LLC boosted its position in NextNav Inc. (NASDAQ:NN) by 12.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 384,040 shares of the company’s stock after purchasing an additional 41,004 shares during the period. Commonwealth Equity Services LLC owned about 0.28% of NextNav worth $6,390,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of NN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in NextNav by 8.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company’s stock valued at $579,000 after purchasing an additional 3,543 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in NextNav by 34.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company’s stock valued at $5,705,000 after purchasing an additional 120,123 shares in the last quarter. Creative Planning increased its stake in NextNav by 81.5% in the 2nd quarter. Creative Planning now owns 29,184 shares of the company’s stock valued at $444,000 after purchasing an additional 13,109 shares in the last quarter. JPMorgan Chase & Co. increased its stake in NextNav by 33.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 61,772 shares of the company’s stock valued at $939,000 after purchasing an additional 15,565 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in NextNav by 23.3% in the 2nd quarter. Legal & General Group Plc now owns 68,946 shares of the company’s stock valued at $1,048,000 after purchasing an additional 13,027 shares in the last quarter. 79.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NN has been the subject of several research analyst reports. Wall Street Zen raised NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Oppenheimer raised their price objective on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research note on Tuesday, April 21st. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. Finally, UBS Group set a $25.00 price target on NextNav in a research report on Thursday, April 16th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $37.50.

NextNav Stock Performance

NextNav stock opened at $21.60 on Friday. The stock has a fifty day moving average of $19.30 and a two-hundred day moving average of $17.05. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of -17.85 and a beta of 1.04. NextNav Inc. has a fifty-two week low of $10.87 and a fifty-two week high of $24.42.

NextNav (NASDAQ:NN) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.03. The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.94 million. On average, analysts forecast that NextNav Inc. will post -0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction 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 sale, the chief executive officer owned 1,244,495 shares of the company’s stock, valued at $24,790,340.40. The trade was a 5.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 3,945 shares of NextNav stock in a transaction on Thursday, March 26th. The shares were sold at an average price of $19.54, for a total value of $77,085.30. Following the completion of the sale, the chief accounting officer directly owned 72,950 shares of the company’s stock, valued at approximately $1,425,443. This represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 101,133 shares of company stock worth $1,943,851 in the last three months. Company insiders own 7.80% of the company’s stock.

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.