NextNav (NASDAQ:NN) Trading Down 6.8% – What’s Next?

NextNav Inc. (NASDAQ:NN) traded down 6.8% on Friday . The company traded as low as $15.67 and last traded at $15.7610. 127,257 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 2,045,563 shares. The stock had previously closed at $16.91.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Oppenheimer boosted their target price on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. B. Riley Financial reissued a “buy” rating on shares of NextNav in a 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. Finally, UBS Group set a $25.00 price target on shares of NextNav in a report on Thursday, April 16th. Two research 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. According to MarketBeat, NextNav has a consensus rating of “Hold” and an average price target of $37.50.

NextNav Price Performance

The company has a market cap of $2.17 billion, a price-to-earnings ratio of -13.12 and a beta of 1.06. The firm’s fifty day moving average price is $19.70 and its 200-day moving average price is $17.66.

NextNav (NASDAQ:NN) last released its quarterly earnings data 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 firm had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.94 million. As a group, equities analysts forecast that NextNav Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling at NextNav

In other news, General Counsel James S. Black sold 1,878 shares of NextNav stock in a transaction that occurred 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 sale, the general counsel owned 91,688 shares of the company’s stock, valued at approximately $2,105,156.48. The trade was a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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. Also, CAO Sammaad Shams sold 2,006 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $17.84, for a total value of $35,787.04. Following the transaction, the chief accounting officer owned 70,944 shares of the company’s stock, valued at approximately $1,265,640.96. This represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Over the last 90 days, insiders have sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Grove Bank & Trust bought a new stake in shares of NextNav during the second quarter valued at about $53,000. Bank of America Corp DE grew its position in NextNav by 1.2% in the 1st quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock valued at $4,165,000 after buying an additional 3,028 shares in the last quarter. Amundi increased its stake in NextNav by 7.5% during the 1st quarter. Amundi now owns 43,703 shares of the company’s stock valued at $700,000 after buying an additional 3,043 shares during the period. California State Teachers Retirement System increased its stake in NextNav by 41.6% during the 1st quarter. California State Teachers Retirement System now owns 97,347 shares of the company’s stock valued at $1,559,000 after buying an additional 28,584 shares during the period. Finally, Quantinno Capital Management LP bought a new stake in shares of NextNav during the 1st quarter worth about $364,000. 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.