Insider Selling: NextNav (NASDAQ:NN) General Counsel Sells 1,878 Shares of Stock

NextNav Inc. (NASDAQ:NN) General Counsel James Black sold 1,878 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $22.96, for a total transaction of $43,118.88. Following the completion of the sale, the general counsel owned 91,688 shares in the company, valued at $2,105,156.48. The trade was a 2.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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.

NextNav Price Performance

NN stock traded down $0.61 during midday trading on Tuesday, hitting $18.92. 3,026,303 shares of the stock traded hands, compared to its average volume of 2,487,313. The firm has a market cap of $2.58 billion, a P/E ratio of -15.64 and a beta of 1.04. The stock’s fifty day simple moving average is $19.89 and its 200-day simple moving average is $17.48. NextNav Inc. has a 1-year low of $10.87 and a 1-year high of $24.42.

NextNav (NASDAQ:NN) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.03. The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.94 million. On average, research analysts predict that NextNav Inc. will post -0.5 earnings per share for the current year.

Hedge Funds Weigh In On NextNav

Several institutional investors have recently bought and sold shares of NN. Caitong International Asset Management Co. Ltd increased its stake in NextNav by 347.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock valued at $37,000 after buying an additional 1,721 shares during the period. KBC Group NV purchased a new position in NextNav in the first quarter valued at approximately $38,000. Clearstead Advisors LLC purchased a new position in NextNav in the third quarter valued at approximately $52,000. Kemnay Advisory Services Inc. purchased a new position in NextNav in the fourth quarter valued at approximately $97,000. Finally, Osterweis Capital Management Inc. purchased a new position in NextNav in the fourth quarter valued at approximately $109,000. 79.16% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

About NextNav

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.