Odeon Capital Group Initiates Coverage on NextNav (NASDAQ:NN)

Equities research analysts at Odeon Capital Group began coverage on shares of NextNav (NASDAQ:NN) in a research note issued on Monday, MarketBeat.com reports. The brokerage set a “buy” rating and a $22.00 price target on the stock. Odeon Capital Group’s price target would suggest a potential upside of 61.14% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. UBS Group set a $25.00 price objective on shares of NextNav in a research report on Thursday, April 16th. B. Riley Financial restated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Oppenheimer increased their target price on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $32.33.

NextNav Price Performance

NASDAQ NN traded up $0.59 during trading on Monday, hitting $13.65. 254,177 shares of the company’s stock traded hands, compared to its average volume of 2,078,698. The firm has a market cap of $1.86 billion, a P/E ratio of -11.11 and a beta of 1.06. NextNav has a 12-month low of $10.87 and a 12-month high of $24.42. The stock has a fifty day moving average of $19.20 and a two-hundred day moving average of $17.56.

NextNav (NASDAQ:NN) last issued 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 firm had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.94 million. As a group, analysts expect that NextNav will post -0.48 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel James S. Black sold 1,878 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $22.96, for a total value of $43,118.88. Following the completion of the sale, the general counsel directly owned 91,688 shares of the company’s stock, valued at approximately $2,105,156.48. This represents a 2.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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, CEO Mariam Sorond sold 2,830 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.33, for a total value of $51,873.90. Following the transaction, the chief executive officer owned 1,241,665 shares in the company, valued at $22,759,719.45. The trade was a 0.23% decrease in their ownership of the stock. 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 sold a total of 76,567 shares of company stock worth $1,522,252 in the last three months. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its stake in shares of 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 purchasing an additional 675 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of NextNav by 1.5% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,253 shares of the company’s stock worth $733,000 after buying an additional 714 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in NextNav by 0.4% during the fourth 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 buying an additional 863 shares in the last quarter. Cannell & Spears LLC raised its position in NextNav by 0.7% in the 1st quarter. Cannell & Spears LLC now owns 122,851 shares of the company’s stock valued at $1,961,000 after purchasing an additional 899 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in NextNav by 347.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock worth $37,000 after acquiring an additional 1,721 shares in the last quarter. Hedge funds and other institutional investors own 79.16% 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.