NextNav (NASDAQ:NN) Stock: Insider Timothy Gray Sells 11,099 Shares

NextNav Inc. (NASDAQ:NN) CFO Timothy Gray sold 11,099 shares of NextNav stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total transaction of $162,489.36. Following the transaction, the chief financial officer directly owned 120,687 shares in the company, valued at $1,766,857.68. This trade represents a 8.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

NextNav Stock Down 0.5%

Shares of NextNav stock traded down $0.07 during mid-day trading on Friday, hitting $14.38. The stock had a trading volume of 2,546,090 shares, compared to its average volume of 2,292,414. The firm has a 50-day moving average of $15.32 and a two-hundred day moving average of $17.40. NextNav Inc. has a 12-month low of $10.87 and a 12-month high of $24.42. The firm has a market cap of $2.43 billion, a P/E ratio of -14.82 and a beta of 1.12.

NextNav (NASDAQ:NN) last released its quarterly 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). NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. The firm had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $0.92 million. Sell-side analysts expect that NextNav Inc. will post -0.46 earnings per share for the current year.

Institutional Trading of NextNav

Hedge funds have recently modified their holdings of the stock. KBC Group NV purchased a new stake in NextNav during the 1st quarter worth about $38,000. Grove Bank & Trust purchased a new stake in shares of NextNav during the second quarter worth approximately $53,000. Caitong International Asset Management Co. Ltd increased its stake in shares of NextNav by 732.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,127 shares of the company’s stock worth $69,000 after buying an additional 3,631 shares during the period. Sei Investments Co. acquired a new stake in NextNav in the first quarter valued at approximately $231,000. Finally, Bleakley Financial Group LLC purchased a new position in NextNav in the fourth quarter worth approximately $245,000. 79.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wells Fargo & Company reissued a “buy” rating on shares of NextNav in a research report on Monday. Clear Str upgraded shares of NextNav to a “strong-buy” rating in a research report on Monday. Zacks Research lowered shares of NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Oppenheimer increased 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. Finally, Odeon Capital Group started coverage on NextNav in a research report on Monday, July 20th. They issued a “buy” rating and a $22.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, NextNav currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

NextNav Company Profile

NextNav Inc (NASDAQ: NN) is a positioning, navigation and timing technology company that develops alternatives and complements to GPS. Its services are designed to provide accurate location and timing information in environments where GPS signals may be weak, unavailable or unreliable, including indoors and in urban areas.

The company’s primary offerings include Pinnacle, a 3D geolocation service that provides precise vertical positioning, and TerraPoiNT, a terrestrial network designed to deliver resilient positioning, navigation and timing signals.