June 21, 2024

What Makes Nextnav (NN) a Prospective Investment?

Laughing Water Capital, an investment management company, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, investment in the fund returned 3.2% bringing the yearly returns to 11.8%, net of all fees and expenses. The SP500TR and R2000 returned 11.7% and 14.0% during the quarter, respectively, bringing their year-to-date returns to 26.3% and 17.0%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Laughing Water Capital featured stocks such as NextNav Inc. (NASDAQ:NN) in the fourth quarter 2023 investor letter. Headquartered in McLean, Virginia, NextNav Inc. (NASDAQ:NN) provides next-generation positioning, navigation, and timing solutions. On January 29, 2024, NextNav Inc. (NASDAQ:NN) stock closed at $4.1500 per share. One-month return of NextNav Inc. (NASDAQ:NN) was -6.74%, and its shares gained 50.36% of their value over the last 52 weeks. NextNav Inc. (NASDAQ:NN) has a market capitalization of $457.152 million.

Laughing Water Capital stated the following regarding NextNav Inc. (NASDAQ:NN) in its fourth quarter 2023 investor letter:

“NextNav Inc. (NASDAQ:NN) – There is a lot to hate about Nextnav. On the surface it is a busted SPAC that consummated a merger with an investor presentation that tied the value of the go-forward company to flying taxis. Flying taxis are miles away from my core process, so one may wonder how NN made its way into our portfolio.

Nextnav owns the rights to 8 MHz of wireless spectrum in the 900 MHz band which has been earmarked by the federal government for Location and Monitoring Service (LMS). What this means in practice is that the Company has two business lines, one which adds vertical axis capability to the existing GPS network (what floor of a building you are on) and one that is a next generation GPS system, that unlike its predecessor is encrypted, making it difficult to spoof, and the signal is much more powerful than existing GPS, making it difficult to jam. The federal government and first responders have made it clear that the development of these technologies is a priority, and the recent conflicts in Ukraine and Israel/Gaza have put a spotlight on the shortcomings of the existing GPS system. And yes, in theory if the world will someday have flying cars, the vertical axis would be important…” (Click here to read the full text)

A sleek broadband amplifier reflecting the rays of light in a server room.

NextNav Inc. (NASDAQ:NN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held NextNav Inc. (NASDAQ:NN) at the end of third quarter which was 5 in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.

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