NextNav (NN) shares have declined more than 70% year-to-date, but an insider who is already a major shareholder in the company is giving the stock the benefit of the doubt. Timothy Presutti, a director at NextNav, has been buying the dip in the stock. NextNav provides next-generation GPS technology.
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According to SEC filings, Timothy Presutti purchased more than 303,929 shares of NextNav on June 16. On June 15, the director purchased 3,858 shares of the company. Previously, Timothy bought 146,571 shares of NextNav on June 14, which was preceded by a purchase of 200,000 shares. Following the recent string of purchases, the insider now owns more than 11.7 million shares in NextNav. Timothy already owns more than 10% of NextNav’s stock.
The TipRanks’ Insider Trading tool helps you gauge the sentiment of those most in the know about a particular stock. Insider activity shows that the Insider Confidence Signal is currently Neutral on NextNav, with corporate insiders buying $1.7 million worth of shares in the last quarter.
NextNav Partners with Vitals
Aware Services recently inked a deal to use NextNav’s GPS technology to power its app that supports mental health responder services. NextNav will provide a precision vertical location solution for the app to make it easier for responders to serve people with mental health challenges.
“Something as simple as taking a wrong turn in a building can make the difference between a good outcome and a tragic one,” said Vitals CEO, Janeé Harteau.
NextNav to Join Russell 2000 Index
NextNav has been selected for inclusion in the Russell 2000 Index on June 24. For a company that went public only late last year, the inclusion in the index marks an important milestone, NextNav CFO Christian Gates said. The executive explained that inclusion in the index would not only increase NextNav’s visibility to the investment community but also demonstrate the company’s commitment to creating shareholder value.
Wall Street’s Take
The Street is cautiously optimistic about NextNav stock with a Moderate Buy consensus rating, based on two Buys. The average NextNav price target of $14.63 implies 440% upside potential from current levels.
Key Takeaway for Investors
The confidence that Timothy is showing in NextNav is notable as it implies that there may be more value in the stock than ordinary investors realize. NextNav’s expanding business partnerships and the stock’s inclusion in the Russell 2000 index also suggest the stock may be worth a closer look.
