NextNav (NASDAQ:NN) Trading Down 6.7% – What’s Next?

NextNav Inc. (NASDAQ:NN)’s stock price was down 6.7% on Monday . The stock traded as low as $20.80 and last traded at $20.07. Approximately 124,111 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 1,986,671 shares. The stock had previously closed at $21.50.

Analyst Ratings Changes

Several analysts recently weighed in on NN shares. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. B. Riley Financial reiterated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Oppenheimer lifted their price objective on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Finally, UBS Group set a $25.00 price objective on shares of NextNav in a research report on Thursday, April 16th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, NextNav presently has a consensus rating of “Hold” and a consensus price target of $37.50.

NextNav Trading Down 6.9%

The company has a market capitalization of $2.73 billion, a P/E ratio of -16.59 and a beta of 1.04. The business’s 50-day simple moving average is $19.78 and its 200 day simple moving average is $17.40.

NextNav (NASDAQ:NN) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.03. The company had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.94 million. As a group, sell-side analysts predict that NextNav Inc. will post -0.5 EPS for the current fiscal year.

Insider Activity at NextNav

In related news, CEO Mariam Sorond sold 69,853 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $19.92, for a total value of $1,391,471.76. Following the sale, the chief executive officer directly owned 1,244,495 shares in the company, valued at $24,790,340.40. The trade was a 5.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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, CFO Timothy Gray sold 1,405 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $18.11, for a total transaction 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. The trade was a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 101,133 shares of company stock valued at $1,943,851 over the last quarter. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of NextNav

A number of hedge funds and other institutional investors have recently made changes to their positions in NN. Van ECK Associates Corp raised its holdings in shares of NextNav by 79.5% in the 4th quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company’s stock worth $22,955,000 after purchasing an additional 611,179 shares in the last quarter. Susquehanna Advisors Group Inc. increased its position in shares of NextNav by 12.1% in the third quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company’s stock worth $77,325,000 after acquiring an additional 584,804 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of NextNav by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock valued at $115,361,000 after acquiring an additional 573,214 shares during the period. Philosophy Capital Management LLC purchased a new stake in shares of NextNav in the 3rd quarter valued at approximately $7,791,000. Finally, UBS Group AG lifted its position in shares of NextNav by 35.0% in the 4th quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock valued at $33,144,000 after acquiring an additional 516,045 shares in the last quarter. 79.16% of the stock is currently owned by institutional investors.

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.