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

NextNav Inc. (NASDAQ:NN)’s share price 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 trading hands.

Insider Activity

In related news, Director Neil S. Subin purchased 125,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was purchased at an average price of $6.93 per share, with a total value of $866,250.00. Following the completion of the purchase, the director now 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 position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 15.70% of the company’s stock.

Institutional Trading of NextNav

Several institutional investors and hedge funds have recently modified their holdings of the stock. nVerses Capital LLC bought a new position in NextNav in the second quarter worth approximately $50,000. Principal Financial Group Inc. bought a new position in NextNav in the second quarter worth approximately $82,000. Quest Partners LLC bought a new position in NextNav in the second quarter worth approximately $88,000. King Luther Capital Management Corp bought a new position in NextNav in the third quarter worth approximately $90,000. Finally, Wolverine Asset Management LLC raised its stake in NextNav by 323.6% in the second quarter. Wolverine Asset Management LLC now owns 12,106 shares of the company’s stock worth $98,000 after buying an additional 9,248 shares in the last quarter. Institutional investors own 79.16% of the company’s stock.

NextNav Stock Up 4.4 %

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

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.