NextNav (NASDAQ:NN) Sets New 12-Month Low – Here’s What Happened

NextNav Inc. (NASDAQ:NN)’s stock price hit a new 52-week low during trading on Thursday. The stock traded as low as $10.77 and last traded at $11.0110, with a volume of 2662518 shares trading hands. The stock had previously closed at $12.71.

Analysts Set New Price Targets

NN has been the subject of a number of analyst reports. Clear Str upgraded NextNav to a “strong-buy” rating in a report on Monday, September 21st. Wells Fargo & Company reiterated a “buy” rating on shares of NextNav in a research note on Monday, September 21st. 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 target price on the stock. Wall Street Zen downgraded shares of NextNav from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. Finally, Zacks Research lowered shares of NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $32.33.

NextNav Trading Down 13.2%

The company’s 50-day moving average price is $15.45 and its two-hundred day moving average price is $17.21. The company has a market cap of $1.86 billion, a P/E ratio of -11.37 and a beta of 1.16.

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

Insider Buying and Selling at NextNav

In other news, CFO Timothy Gray sold 11,099 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total value of $162,489.36. Following the completion of the sale, the chief financial officer directly owned 120,687 shares in the company, valued at approximately $1,766,857.68. The trade was a 8.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mariam Sorond sold 2,831 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total value of $41,672.32. Following the completion of the sale, the chief executive officer owned 1,168,961 shares of the company’s stock, valued at $17,207,105.92. This trade represents a 0.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold 87,667 shares of company stock worth $1,331,153 over the last quarter. 7.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NextNav

A number of hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its stake in NextNav by 4.8% during the second quarter. State Street Corp now owns 2,343,255 shares of the company’s stock valued at $41,780,000 after purchasing an additional 108,338 shares during the last quarter. Sona Asset Management US LLC grew its position in shares of NextNav by 37.9% during the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock valued at $8,354,000 after buying an additional 143,349 shares during the last quarter. First Trust Advisors LP raised its stake in NextNav by 3.8% during the first quarter. First Trust Advisors LP now owns 296,391 shares of the company’s stock worth $4,748,000 after acquiring an additional 10,761 shares during the period. Bank of America Corp DE lifted its holdings in NextNav by 1.2% in the first quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock worth $4,165,000 after acquiring an additional 3,028 shares during the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new position in NextNav in the second quarter valued at approximately $4,012,000. Institutional investors and hedge funds own 79.16% of the company’s stock.

NextNav Company Profile

NextNav Inc develops positioning, navigation and timing technologies designed to provide accurate location information where traditional GPS may be unavailable, unreliable or insufficient. The company’s solutions are intended to support applications that require precise two-dimensional and three-dimensional geolocation, including public safety, wireless communications, mapping, transportation and critical infrastructure.

Its Pinnacle platform provides nationwide vertical-location services, enabling devices and networks to determine elevation or floor level in addition to latitude and longitude.