NextNav (NASDAQ:NN) Reaches New 52-Week High – Here’s Why

Shares of NextNav Inc. (NASDAQ:NN) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $17.10 and last traded at $16.73, with a volume of 111719 shares changing hands. The stock had previously closed at $16.14.

Wall Street Analysts Forecast Growth

Separately, B. Riley increased their target price on NextNav from $12.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, November 14th.

NextNav Stock Up 2.7 %

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

Institutional Trading of NextNav

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James & Associates boosted its stake in shares of NextNav by 1.0% in the second quarter. Raymond James & Associates now owns 156,000 shares of the company’s stock valued at $1,265,000 after buying an additional 1,500 shares during the period. Van ECK Associates Corp lifted its position in shares of NextNav by 10.0% during the 3rd quarter. Van ECK Associates Corp now owns 21,412 shares of the company’s stock valued at $160,000 after acquiring an additional 1,948 shares during the period. CIBC Asset Management Inc grew its holdings in shares of NextNav by 19.0% during the 2nd quarter. CIBC Asset Management Inc now owns 19,652 shares of the company’s stock worth $159,000 after purchasing an additional 3,140 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of 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 purchasing an additional 4,405 shares during the period. Finally, nVerses Capital LLC acquired a new position in NextNav in the second quarter valued at about $50,000. Institutional investors own 79.16% of the company’s stock.

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.