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

NextNav Inc. (NASDAQ:NN) saw some unusual options trading activity on Thursday. Stock investors acquired 99,692 call options on the company. This represents an increase of approximately 465% compared to the typical daily volume of 17,630 call options.

NextNav Price Performance

Shares of NN stock opened at $13.11 on Friday. NextNav has a 1 year low of $10.87 and a 1 year high of $24.42. The firm has a fifty day moving average price of $17.48 and a 200-day moving average price of $17.37. The company has a market cap of $1.79 billion, a price-to-earnings ratio of -10.83 and a beta of 1.06.

NextNav (NASDAQ:NN) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.03. The company had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $0.94 million. Equities research analysts expect that NextNav will post -0.48 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on NN. Odeon Capital Group began coverage on NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 price objective for the company. B. Riley Financial reissued a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. Oppenheimer upped their price target on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Finally, Wall Street Zen raised shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.33.

Insider Buying and Selling

In related news, CAO Sammaad Shams sold 2,006 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $17.84, for a total value of $35,787.04. Following the sale, the chief accounting officer owned 70,944 shares in the company, valued at approximately $1,265,640.96. This trade represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through 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, CEO Mariam Sorond sold 2,830 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total transaction of $51,873.90. Following the sale, the chief executive officer owned 1,241,665 shares of the company’s stock, valued at approximately $22,759,719.45. This represents a 0.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Over the last quarter, insiders have sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is owned by insiders.

Institutional Trading of NextNav

A number of hedge funds and other institutional investors have recently bought and sold shares of NN. Grove Bank & Trust bought a new position in NextNav in the 2nd quarter worth $53,000. Bank of America Corp DE lifted its position in shares of NextNav by 1.2% in the first quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock valued at $4,165,000 after acquiring an additional 3,028 shares in the last quarter. Amundi boosted its stake in shares of NextNav by 7.5% in the first quarter. Amundi now owns 43,703 shares of the company’s stock worth $700,000 after acquiring an additional 3,043 shares during the period. California State Teachers Retirement System grew its position in shares of NextNav by 41.6% during the first quarter. California State Teachers Retirement System now owns 97,347 shares of the company’s stock worth $1,559,000 after purchasing an additional 28,584 shares in the last quarter. Finally, Quantinno Capital Management LP bought a new stake in NextNav during the 1st quarter valued at approximately $364,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

About NextNav

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.