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

NextNav Inc. (NASDAQ:NN)’s share price gapped up prior to trading 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.

Insider Buying and Selling at NextNav

In other news, Director Neil S. Subin bought 125,000 shares of NextNav stock in a transaction dated Monday, August 26th. The shares were purchased at an average cost of $6.93 per share, with a total value of $866,250.00. Following the completion of the acquisition, the director now owns 2,490,213 shares of the company’s stock, valued at $17,257,176.09. This trade represents a 5.28 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On NextNav

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in NextNav by 37.7% in the first quarter. Vanguard Group Inc. now owns 3,238,196 shares of the company’s stock worth $21,307,000 after acquiring an additional 887,075 shares in the last quarter. Wolf Hill Capital Management LP grew its position in NextNav by 14.6% in the second quarter. Wolf Hill Capital Management LP now owns 2,123,062 shares of the company’s stock worth $17,218,000 after acquiring an additional 269,754 shares in the last quarter. Marshall Wace LLP purchased a new position in NextNav in the second quarter worth about $1,571,000. Bank of New York Mellon Corp grew its position in NextNav by 47.9% in the second quarter. Bank of New York Mellon Corp now owns 217,143 shares of the company’s stock worth $1,761,000 after acquiring an additional 70,343 shares in the last quarter. Finally, DigitalBridge Group Inc. purchased a new position in shares of NextNav during the second quarter valued at approximately $1,741,000. 79.16% of the stock is owned by institutional investors.

NextNav Stock Up 4.4 %

The company has a 50-day simple moving average of $9.27 and a 200-day simple moving average of $8.36. The firm 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.

About NextNav

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.