NextNav (NASDAQ:NN) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of NextNav (NASDAQ:NN) from a sell rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.

A number of other equities research analysts have also recently issued reports on NN. Odeon Capital Group started coverage on shares of NextNav in a report on Monday, July 20th. They issued a “buy” rating and a $22.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research note on Thursday, October 15th. Zacks Research cut NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Clear Str upgraded NextNav to a “strong-buy” rating in a report on Monday, September 21st. Finally, Wells Fargo & Company reissued a “buy” rating on shares of NextNav in a research report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.33.

NextNav Stock Performance

NN traded up $0.02 during trading on Friday, reaching $8.73. 2,022,556 shares of the stock were exchanged, compared to its average volume of 3,556,882. The stock’s 50 day moving average price is $12.15 and its two-hundred day moving average price is $16.06. NextNav has a twelve month low of $7.60 and a twelve month high of $24.42. The stock has a market cap of $1.47 billion, a P/E ratio of -9.81 and a beta of 1.20.

NextNav (NASDAQ:NN) last announced its quarterly earnings results on Tuesday, November 10th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.08. NextNav had a negative net margin of 2,451.65% and a negative return on equity of 129.25%. The firm had revenue of $1.58 million during the quarter, compared to analysts’ expectations of $0.99 million. Equities research analysts predict that NextNav will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at NextNav

In other news, General Counsel James S. Black sold 1,878 shares of the 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 transaction, the general counsel directly owned 89,810 shares of the company’s stock, valued at $1,377,685.40. This represents a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 69,853 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the sale, the chief executive officer owned 1,171,792 shares of the company’s stock, valued at approximately $17,928,417.60. This represents a 5.63% decrease in their position. The SEC filing for this sale provides additional information. 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 have sold a total of 87,667 shares of company stock worth $1,331,153 over the last ninety days. Insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp lifted its position in NextNav by 4.8% during the second quarter. State Street Corp now owns 2,343,255 shares of the company’s stock worth $41,780,000 after acquiring an additional 108,338 shares during the last quarter. General American Investors Co. Inc. bought a new stake in shares of NextNav during the third quarter worth approximately $10,063,000. Sona Asset Management US LLC grew its position in shares of NextNav by 37.9% in the first quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock valued at $8,354,000 after purchasing an additional 143,349 shares during the last quarter. Commonwealth Equity Services LLC acquired a new position in shares of NextNav in the third quarter valued at approximately $5,319,000. Finally, First Trust Advisors LP grew its position in shares of NextNav by 3.8% in the first quarter. First Trust Advisors LP now owns 296,391 shares of the company’s stock valued at $4,748,000 after purchasing an additional 10,761 shares during the last quarter. Institutional investors and hedge funds own 79.16% of the company’s stock.

NextNav Company Profile

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.