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

Analysts at Odeon Capital Group started coverage on shares of NextNav (NASDAQ:NN) in a note issued to investors on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $22.00 price target on the stock. Odeon Capital Group’s target price would suggest a potential upside of 64.92% from the company’s current price.

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

NextNav Stock Performance

Shares of NASDAQ NN opened at $13.34 on Monday. NextNav has a 52-week low of $10.87 and a 52-week high of $24.42. The business has a fifty day moving average of $18.91 and a two-hundred day moving average of $17.51. The stock has a market cap of $1.82 billion, a PE ratio of -11.02 and a beta of 1.06.

NextNav (NASDAQ:NN) last posted its 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 firm had revenue of $0.99 million during the quarter, compared to the consensus estimate of $0.94 million. Analysts predict that NextNav will post -0.48 earnings per share for the current year.

Insider Buying and Selling at NextNav

In other news, CAO Sammaad Shams sold 2,006 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $17.84, for a total transaction of $35,787.04. Following the sale, the chief accounting officer directly owned 70,944 shares of the company’s stock, valued at $1,265,640.96. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 that occurred 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 completion of the sale, the chief executive officer directly 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 position. 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. In the last 90 days, insiders sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd boosted its position in NextNav by 347.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock valued at $37,000 after buying an additional 1,721 shares during the last quarter. KBC Group NV bought a new stake in shares of NextNav during the first quarter worth $38,000. Grove Bank & Trust bought a new stake in shares of NextNav during the second quarter worth $53,000. Kemnay Advisory Services Inc. acquired a new position in shares of NextNav during the fourth quarter valued at $97,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of NextNav during the fourth quarter valued at $109,000. Institutional investors and hedge funds 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.