NavNext (NN) shares are down 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, director of NextNav, bought the share price drop. NextNav provides next generation GPS technology.
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 series of purchases, the insider now owns over 11.7 million shares of NextNav. Timothy already owns more than 10% of NextNav shares.
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 company insiders buying $1.7 million worth of stock in the last quarter.
NextNav partners with Vitals
Aware Services recently signed an agreement to use NextNav’s GPS technology to power its app that supports mental health intervention services. NextNav will provide a precision vertical location solution for the app to make it easier for responders to serve people with mental health issues.
“..Something as simple as taking a wrong turn in a building can mean the difference between a good outcome and a tragic outcome,” said Janeé Harteau, CEO of Vitals.
NextNav joins the Russell 2000 Index
NextNav was selected for inclusion in the Russell 2000 Index on June 24. For a company that only went public late last year, inclusion in the index marks an important milestone, said Christian Gates, chief financial officer of NextNav. The executive explained that inclusion in the index would not only increase NextNav’s visibility with the investment community, but also demonstrate the company’s commitment to creating shareholder value.
The Taking of Wall Street
The Street is cautiously bullish on 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 Timothy shows in NextNav is remarkable because it implies 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 merits closer scrutiny.
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