NextNav (NASDAQ:NN) Sets New 1-Year High – Still a Buy?

NextNav Inc. (NASDAQ:NN)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $17.10 and last traded at $16.73, with a volume of 111719 shares traded. The stock had previously closed at $16.14.

Analyst Ratings Changes

Separately, B. Riley upped their price objective on shares of NextNav from $12.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th.

NextNav Stock Up 2.7 %

The firm has a 50-day simple moving average of $10.54 and a 200 day simple moving average of $8.73. The stock has a market capitalization of $2.14 billion, a P/E ratio of -21.52 and a beta of 0.94. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.01 and a quick ratio of 5.01.

Hedge Funds Weigh In On NextNav

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of NextNav by 37.7% during the first quarter. Vanguard Group Inc. now owns 3,238,196 shares of the company’s stock valued at $21,307,000 after purchasing an additional 887,075 shares during the period. Wolf Hill Capital Management LP raised its stake in NextNav by 14.6% during the 2nd quarter. Wolf Hill Capital Management LP now owns 2,123,062 shares of the company’s stock worth $17,218,000 after buying an additional 269,754 shares during the period. Empyrean Capital Partners LP boosted its holdings in NextNav by 56.6% in the second quarter. Empyrean Capital Partners LP now owns 660,845 shares of the company’s stock worth $5,359,000 after acquiring an additional 238,845 shares in the last quarter. DigitalBridge Group Inc. acquired a new stake in NextNav in the second quarter valued at approximately $1,741,000. Finally, Marshall Wace LLP bought a new stake in shares of NextNav during the second quarter valued at approximately $1,571,000. Institutional investors and hedge funds own 79.16% of the company’s stock.

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.