NextNav (NASDAQ:NN) Shares Up 6.2% – Time to Buy?

Shares of NextNav Inc. (NASDAQ:NN) rose 6.2% on Thursday. The stock traded as high as $8.73 and last traded at $8.9780. 312,992 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 2,427,364 shares. The stock had previously closed at $8.45.

Analyst Ratings Changes

A number of equities analysts have recently commented on NN shares. Clear Str raised shares of NextNav to a “strong-buy” rating in a report on Monday, September 21st. Odeon Capital Group began coverage on shares of NextNav in a research note on Monday, July 20th. They set a “buy” rating and a $22.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research note on Thursday, October 15th. Wall Street Zen lowered shares of NextNav from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. Finally, Zacks Research cut shares of NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, NextNav presently has a consensus rating of “Moderate Buy” and an average price target of $32.33.

NextNav Stock Performance

The business has a 50-day simple moving average of $12.42 and a two-hundred day simple moving average of $16.14. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -10.05 and a beta of 1.20.

NextNav (NASDAQ:NN) last released its earnings results on Tuesday, November 10th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.08. NextNav had a negative return on equity of 129.25% and a negative net margin of 2,451.65%. The business had revenue of $1.58 million for the quarter, compared to analyst estimates of $0.99 million. Research analysts predict that NextNav Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling at NextNav

In other news, General Counsel James S. Black sold 1,878 shares of NextNav stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $15.34, for a total value of $28,808.52. Following the sale, the general counsel owned 89,810 shares of the company’s stock, valued at $1,377,685.40. The trade was a 2.05% decrease in their ownership of the stock. The sale was disclosed in a legal 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, CFO Timothy Gray sold 11,099 shares of NextNav stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $14.64, for a total transaction of $162,489.36. Following the completion of the sale, the chief financial officer directly owned 120,687 shares in the company, valued at approximately $1,766,857.68. The trade was a 8.42% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 87,667 shares of company stock valued at $1,331,153. 7.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. GK Wealth Management LLC acquired a new position in NextNav during the 3rd quarter worth approximately $29,000. KBC Group NV purchased a new position in shares of NextNav during the 1st quarter worth approximately $38,000. Sterling Capital Management LLC acquired a new stake in NextNav in the third quarter valued at $49,000. Grove Bank & Trust acquired a new stake in shares of NextNav in the second quarter valued at about $53,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of NextNav during the 3rd quarter valued at approximately $111,000. 79.16% of the stock is owned by hedge funds and other institutional investors.

About NextNav

NextNav, Inc. develops positioning, navigation and timing technologies designed to complement and help provide alternatives to satellite-based GPS. Its services support location-aware applications in environments where GPS signals may be limited, including indoors and in urban areas. The company’s offerings include Pinnacle, a service that provides vertical location information, such as a device’s floor or height within a building, and TerraPoiNT, a terrestrial network designed to deliver positioning and timing signals.