Mariam Sorond Sells 69,853 Shares of NextNav (NASDAQ:NN) Stock

NextNav Inc. (NASDAQ:NN) CEO Mariam Sorond sold 69,853 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $15.30, for a total value of $1,068,750.90. Following the completion of the transaction, the chief executive officer directly owned 1,171,792 shares in the company, valued at approximately $17,928,417.60. The trade was a 5.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.

Mariam Sorond also recently made the following trade(s):

• On Tuesday, June 16th, Mariam Sorond sold 2,830 shares of NextNav stock. The stock was sold at an average price of $18.33, for a total value of $51,873.90.

NextNav Stock Performance

NextNav stock opened at $15.18 on Friday. The business’s 50-day simple moving average is $15.69 and its two-hundred day simple moving average is $17.57. The company has a market cap of $2.56 billion, a PE ratio of -15.65 and a beta of 1.12. NextNav Inc. has a fifty-two week low of $10.87 and a fifty-two week high of $24.42.

NextNav (NASDAQ:NN) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The firm had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $0.92 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%. As a group, analysts predict that NextNav Inc. will post -0.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on NN. Odeon Capital Group initiated coverage on shares of NextNav in a research note on Monday, July 20th. They set a “buy” rating and a $22.00 price objective for the company. Oppenheimer raised their target price on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Wall Street Zen downgraded shares of NextNav from a “hold” rating to a “sell” rating in a research report on Saturday, August 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Finally, Zacks Research downgraded NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $32.33.

Institutional Investors Weigh In On NextNav

A number of hedge funds and other institutional investors have recently made changes to their positions in NN. Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 purchasing an additional 1,721 shares during the period. KBC Group NV acquired a new stake in NextNav during the first quarter valued at $38,000. Grove Bank & Trust acquired a new stake in NextNav during the second quarter valued at $53,000. Kemnay Advisory Services Inc. purchased a new position in NextNav in the fourth quarter valued at $97,000. Finally, Osterweis Capital Management Inc. purchased a new position in NextNav in the fourth quarter valued at $109,000. Institutional investors and hedge funds own 79.16% of the company’s stock.

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.