NextNav (NASDAQ:NN) Trading Down 6.1% Following Insider Selling

NextNav Inc. (NASDAQ:NN) shares were down 6.1% during mid-day trading on Friday following insider selling activity. The company traded as low as $14.31 and last traded at $14.01. 480,486 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 2,214,425 shares. The stock had previously closed at $14.92.

Specifically, CEO Mariam Sorond sold 2,831 shares of the firm’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total transaction of $41,672.32. Following the completion of the transaction, the chief executive officer owned 1,168,961 shares of the company’s stock, valued at approximately $17,207,105.92. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel James Black sold 1,878 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $15.34, for a total transaction of $28,808.52. Following the completion of the transaction, the general counsel owned 89,810 shares in the company, valued at approximately $1,377,685.40. The trade was a 2.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Wall Street Analysts Forecast Growth

NN has been the topic of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Oppenheimer boosted their target price on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Odeon Capital Group began coverage on shares of NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 price target for the company. Zacks Research downgraded NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Finally, Wall Street Zen lowered NextNav from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $32.33.

NextNav Trading Down 6.6%

The company has a market cap of $2.35 billion, a P/E ratio of -14.51 and a beta of 1.12. The firm has a 50 day moving average of $15.32 and a 200-day moving average of $17.48.

NextNav (NASDAQ:NN) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). The firm had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $0.92 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%. Equities analysts predict that NextNav Inc. will post -0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On NextNav

A number of institutional investors have recently modified their holdings of NN. BlueCrest Capital Management Ltd purchased a new stake in shares of NextNav in the 2nd quarter valued at approximately $4,012,000. Squarepoint Ops LLC boosted its holdings in NextNav by 592.0% in the second quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock valued at $2,016,000 after purchasing an additional 96,734 shares in the last quarter. Corient Private Wealth LP lifted its holdings in shares of NextNav by 66.7% in the 2nd quarter. Corient Private Wealth LP now owns 30,975 shares of the company’s stock valued at $552,000 after purchasing an additional 12,393 shares during the last quarter. Grove Bank & Trust purchased a new position in shares of NextNav during the second quarter worth approximately $53,000. Finally, Bank of America Corp DE increased its stake in NextNav by 1.2% in the first quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock valued at $4,165,000 after purchasing an additional 3,028 shares during the period. 79.16% of the stock is currently owned by institutional investors and hedge funds.

NextNav Company Profile

NextNav Inc (NASDAQ: NN) is a positioning, navigation and timing technology company that develops alternatives and complements to GPS. Its services are designed to provide accurate location and timing information in environments where GPS signals may be weak, unavailable or unreliable, including indoors and in urban areas.

The company’s primary offerings include Pinnacle, a 3D geolocation service that provides precise vertical positioning, and TerraPoiNT, a terrestrial network designed to deliver resilient positioning, navigation and timing signals.