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 that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total value of $1,068,750.90. Following the sale, the chief executive officer owned 1,171,792 shares of the company’s stock, valued at $17,928,417.60. This trade represents a 5.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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.

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

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

NextNav Stock Performance

NN traded up $0.37 during trading on Thursday, hitting $15.72. The stock had a trading volume of 1,457,909 shares, compared to its average volume of 2,945,712. The firm has a market capitalization of $2.65 billion, a P/E ratio of -16.21 and a beta of 1.12. The company’s 50-day moving average price is $15.73 and its 200 day moving average price is $17.58. NextNav Inc. has a twelve month low of $10.87 and a twelve month high of $24.42.

NextNav (NASDAQ:NN) last released its earnings results on Tuesday, August 11th. The company reported ($0.24) 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 analyst estimates 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, equities analysts expect that NextNav Inc. will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NextNav

Several institutional investors have recently modified their holdings of NN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in NextNav by 8.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company’s stock valued at $579,000 after purchasing an additional 3,543 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in NextNav by 34.5% during the first quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company’s stock worth $5,705,000 after purchasing an additional 120,123 shares in the last quarter. Creative Planning boosted its position in NextNav by 81.5% during the second quarter. Creative Planning now owns 29,184 shares of the company’s stock worth $444,000 after purchasing an additional 13,109 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in NextNav by 33.7% in the second quarter. JPMorgan Chase & Co. now owns 61,772 shares of the company’s stock valued at $939,000 after purchasing an additional 15,565 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in NextNav by 23.3% in the second quarter. Legal & General Group Plc now owns 68,946 shares of the company’s stock valued at $1,048,000 after purchasing an additional 13,027 shares during the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Odeon Capital Group initiated coverage on NextNav in a report on Monday, July 20th. They issued a “buy” rating and a $22.00 price objective on the stock. Zacks Research cut NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Wall Street Zen lowered NextNav from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research report on Friday, July 17th. Finally, Oppenheimer raised their target price on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Three 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $32.33.

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.