Insider Selling: NextNav (NASDAQ:NN) CAO Sells $35,787.04 in Stock

NextNav Inc. (NASDAQ:NN) CAO Sammaad Shams sold 2,006 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $17.84, for a total transaction of $35,787.04. Following the sale, the chief accounting officer directly owned 70,944 shares in the company, valued at $1,265,640.96. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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.

NextNav Stock Performance

NN stock opened at $16.28 on Friday. The company has a 50 day moving average price of $19.76 and a two-hundred day moving average price of $17.65. The stock has a market capitalization of $2.22 billion, a P/E ratio of -13.45 and a beta of 1.06. NextNav Inc. has a one year low of $10.87 and a one year high of $24.42.

NextNav (NASDAQ:NN) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.03. The business had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $0.94 million. Research analysts forecast that NextNav Inc. will post -0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NextNav

Several institutional investors and hedge funds have recently made changes to their positions in NN. Vanguard Group Inc. boosted its stake in NextNav by 9.0% during the 4th 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 last quarter. UBS Group AG increased 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 worth $33,144,000 after purchasing an additional 516,045 shares during the last quarter. Wittenberg Investment Management Inc. raised its stake in shares of NextNav by 384.2% in the 4th quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company’s stock valued at $2,014,000 after purchasing an additional 96,056 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of NextNav by 70.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 105,466 shares of the company’s stock valued at $1,508,000 after purchasing an additional 43,694 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in shares of NextNav by 12.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company’s stock worth $6,390,000 after purchasing an additional 41,004 shares during the last quarter. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. B. Riley Financial restated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. UBS Group set a $25.00 price target on shares of NextNav in a research report on Thursday, April 16th. Finally, Oppenheimer increased their price target on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $37.50.

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.