NextNav (NASDAQ:NN) Shares Gap Up Following Analyst Upgrade

NextNav Inc. (NASDAQ:NN - Get Free Report) shares gapped up before the market opened on Thursday after B. Riley raised their price target on the stock from $12.00 to $20.00. The stock had previously closed at $13.56, but opened at $14.90. B. Riley currently has a buy rating on the stock. NextNav shares last traded at $15.82, with a volume of 1,060,979 shares changing hands.

Insider Buying and Selling

In other NextNav news, Director Neil S. Subin purchased 125,000 shares of NextNav stock in a transaction on Monday, August 26th. The shares were acquired at an average cost of $6.93 per share, for a total transaction of $866,250.00. Following the completion of the transaction, the director now directly owns 2,490,213 shares of the company's stock, valued at approximately $17,257,176.09. The trade was a 5.28 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 15.70% of the stock is owned by company insiders.

Institutional Trading of NextNav

A number of institutional investors have recently made changes to their positions in NN. Raymond James & Associates lifted its stake in NextNav by 1.0% in the second quarter. Raymond James & Associates now owns 156,000 shares of the company's stock worth $1,265,000 after acquiring an additional 1,500 shares during the period. Van ECK Associates Corp lifted its stake in NextNav by 10.0% in the third quarter. Van ECK Associates Corp now owns 21,412 shares of the company's stock worth $160,000 after acquiring an additional 1,948 shares during the period. CIBC Asset Management Inc lifted its stake in NextNav by 19.0% in the second quarter. CIBC Asset Management Inc now owns 19,652 shares of the company's stock worth $159,000 after acquiring an additional 3,140 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in NextNav by 34.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,025 shares of the company's stock worth $113,000 after acquiring an additional 4,405 shares during the period. Finally, nVerses Capital LLC purchased a new stake in NextNav in the second quarter worth $50,000. Hedge funds and other institutional investors own 79.16% of the company's stock.

NextNav Price Performance

The business has a 50 day moving average of $9.27 and a 200 day moving average of $8.36. The company has a market cap of $1.79 billion, a PE ratio of -16.58 and a beta of 0.94. The company has a debt-to-equity ratio of 0.80, a current ratio of 5.93 and a quick ratio of 5.93.

NextNav Company Profile

NextNav Inc provides next generation positioning, navigation, and timing (PNT) solutions in the United States. It offers Pinnacle, a dedicated vertical positioning network to cover entire metropolitan areas including devices equipped with a barometric pressure sensor with the highest quality wide-area altitude service.