NextNav Stock: Latest Price, Forecast, and Financial Insights
Is NextNav Stock a good buy at this moment? What is its price target, and what can we expect in the following months? If you want to invest in NextNav Stock, we bring you the latest market data.
NextNav Stock Price Latest Trading Data
NextNav Inc stock price fell 7.63% on Tuesday. On September 3, 2024, it dropped 7.63%, closing at $7.09. During the day, it fluctuated between $7.06 and $7.65. Although it has risen in 6 of the last 10 days, it remains down 0.35%. Trading volume for NextNav stock decreased by 296,000 shares, totaling 815,000 shares worth $5.78 million. NextNav stock is expected to decline 7.13% over the next three months, likely settling between $6.00 and $8.32.
The stock shows potential buying support at $7.06, with medium risk and recent volatility of 8.36%, indicating possible upward movement when tested.
NextNav stock is expected to open at $7.27 on Wednesday, with a trading range of $6.58 to $7.59. The stock is closer to support at $7.06 than resistance at $7.47, presenting an attractive risk/reward opportunity for potential profits.
The average one-year price target for NextNav Inc. is $9.18. The forecasts range from a low of $6.06 to a high of $12.60.
NN Signals & Forecast
NextNav Inc stock shows mixed signals with sell indicators from Moving Averages and resistance levels at $7.19 and $7.69. A recent buy signal emerged after a pivot bottom on August 22, 2024, with an 8.42% rise, while volume decline reduces risk. Additionally, a buy signal is indicated from the MACD.
Financial Highlights
Revenue (ttm): $4.38M
Total Cash (mrq): $86.33M
Net Income Available to Common (ttm): -$95.62M
Levered Free Cash Flow (ttm): -$23.05M
Diluted EPS (ttm): -1.3690
Profit Margin: 0.00%
Return on Assets (ttm): -24.73%
Return on Equity (ttm): -120.33%
Total Debt/Equity (mrq): 109.34%
About NextNav Inc
NextNav Inc (NASDAQ: NAV stock) and its affiliated subsidiaries offer advanced positioning, navigation, and timing (PNT) solutions that rely on a strong asset foundation.
This includes 8 MHz of nearly nationwide wireless spectrum in the 900 MHz band, proprietary technology, and established network systems.
The Company’s Pinnacle system delivers “floor-level” altitude information to any device equipped with a barometric pressure sensor, such as most standard Android and iOS smartphones.
The TerraPoiNT system is a ground-based encrypted network designed to overcome the limitations of the space-reliant global positioning system (GPS). It operates using a network of specialized wide-area transmitters that broadcast an encrypted PNT signal over the company’s licensed spectrum.
Since its establishment, NextNav has faced ongoing financial losses and has reported negative cash flow from its operations, primarily depending on debt and equity financing to meet its financial needs.
In 2023, and 2022, the Company experienced net losses of $71.7 million and $40.1 million, respectively.
Additionally, the net cash utilised in operating activities was $35.4 million in 2023 and $37.1 million in 2022.
As of December 31, 2023, the Company held $85.8 million in cash, cash equivalents, and marketable securities.
The primary allocation of these funds is to support operations as NextNav continues its expansion.
The Company anticipates further losses and increased operating costs in the near future, primarily due to its continued investment in research and development and the expansion of the TerraPoiNT network.
NN/USD 5-Day Chart
NextNav Recent Operational Highlights
The FCC is seeking public comments on NextNav’s spectrum solution in the Lower 900 MHz band, with a 30-day comment period starting August 6, 2024.
NextNav has also received a US Department of Transportation award to test its 3D PNT technology, enhancing GPS services. Additionally, Nicola Palmer joined NextNav’s Board of Directors on June 24, 2024.
Financially, NextNav reported a revenue increase, reaching $1.1 million for the three months ending June 30, 2024, up from $800,000 the previous year, primarily driven by recurring service revenues from technology and government contracts.
In Q2 2024, the company reported an operating loss of $15.3 million, slightly up from $15.0 million in the previous year, attributed to higher payroll and professional service costs, though partially offset by reduced stock-based compensation.
For the first half of 2024, the operating loss increased to $31.5 million from $29.0 million. The net loss for Q2 2024 was $24.4 million, significantly higher than $15.8 million in the prior year, primarily due to losses on warrant fair value. As of June 30, 2024, the company had $86.3 million in cash and $51.4 million in net debt.
Final Thoughts
Despite recent volatility and financial challenges, NextNav remains a stock to watch, especially for investors seeking long-term growth in advanced positioning and navigation technologies. The mixed signals suggest caution, but the company’s investments in research and expansion may offer future potential for those with a higher risk tolerance.
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