NextNav (NASDAQ:NN) Trading Down 5.9% – Time to Sell?

NextNav Inc. (NASDAQ:NN)’s stock price traded down 5.9% on Thursday . The stock traded as low as $22.23 and last traded at $21.8010. 499,653 shares changed hands during trading, a decline of 74% from the average session volume of 1,889,269 shares. The stock had previously closed at $23.18.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. B. Riley Financial restated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. UBS Group set a $25.00 price objective on shares of NextNav in a research report on Thursday, April 16th. Oppenheimer upgraded shares of NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research report on Thursday, April 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $25.00.

NextNav Stock Performance

The firm’s 50-day moving average price is $18.56 and its two-hundred day moving average price is $16.41. The firm has a market cap of $2.97 billion, a PE ratio of -17.97 and a beta of 1.03.

NextNav (NASDAQ:NN) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.03. The business had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.94 million. As a group, sell-side analysts predict that NextNav Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at NextNav

In related news, CFO Timothy Gray sold 1,405 shares of the company’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $18.11, for a total value of $25,444.55. Following the completion of the sale, the chief financial officer owned 131,786 shares in the company, valued at $2,386,644.46. This represents a 1.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mariam Sorond sold 11,322 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $16.85, for a total transaction of $190,775.70. Following the completion of the sale, the chief executive officer owned 1,259,624 shares of the company’s stock, valued at approximately $21,224,664.40. This trade represents a 0.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 101,133 shares of company stock worth $1,733,594 in the last 90 days. Company insiders own 7.80% of the company’s stock.

Institutional Trading of NextNav

Several institutional investors and hedge funds have recently bought and sold shares of NN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in NextNav by 8.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company’s stock valued at $579,000 after purchasing an additional 3,543 shares during the last quarter. Goldman Sachs Group Inc. raised its position in NextNav by 34.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company’s stock valued at $5,705,000 after purchasing an additional 120,123 shares during the last quarter. Creative Planning increased its stake in NextNav by 81.5% in the 2nd quarter. Creative Planning now owns 29,184 shares of the company’s stock valued at $444,000 after buying an additional 13,109 shares during the period. JPMorgan Chase & Co. increased its stake in NextNav by 33.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 61,772 shares of the company’s stock valued at $939,000 after buying an additional 15,565 shares during the period. Finally, Legal & General Group Plc increased its stake in NextNav by 23.3% in the 2nd quarter. Legal & General Group Plc now owns 68,946 shares of the company’s stock valued at $1,048,000 after buying an additional 13,027 shares during the period. Hedge funds and other institutional investors own 79.16% of the company’s stock.

NextNav Company Profile

NextNav, Inc is a provider of advanced 3D geolocation infrastructure and positioning services in the United States. The company operates a nationwide network designed to deliver real-time horizontal and vertical location data for consumer, enterprise and public safety applications. By leveraging spectrum holdings in the 900 MHz band, NextNav’s network offers precise altitude and position information that complements GPS and other satellite systems, particularly in urban canyons, indoors or underground environments where traditional signals struggle.

At the core of NextNav’s offering is its TerraPoiNT platform, which enables developers, carriers and emergency response centers to integrate high-accuracy vertical location into their applications and workflows.