NextNav (NASDAQ:NN) Hits New 52-Week Low – What’s Next?

NextNav Inc. (NASDAQ:NN) reached a new 52-week low on Tuesday. The stock traded as low as $9.52 and last traded at $9.57, with a volume of 2,389,261 shares changing hands. The stock had previously closed at $9.59.

Analysts Set New Price Targets

NN has been the topic of several recent research reports. Clear Str upgraded NextNav to a “strong-buy” rating in a report on Monday, September 21st. 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. Wells Fargo & Company reaffirmed a “buy” rating on shares of NextNav in a research note on Monday, September 21st. Wall Street Zen cut shares of NextNav from a “hold” rating to a “sell” rating in a research report on Sunday, September 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.33.

NextNav Stock Performance

The company has a market capitalization of $1.62 billion, a P/E ratio of -9.87 and a beta of 1.16. The firm’s fifty day moving average is $14.89 and its 200 day moving average is $16.82.

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 the consensus estimate of $0.92 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%. On average, analysts forecast that NextNav Inc. will post -0.46 EPS for the current year.

Insider Activity

In related news, CEO Mariam Sorond sold 69,853 shares of the firm’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 transaction of $1,068,750.90. Following the completion of the sale, the chief executive officer directly owned 1,171,792 shares of the company’s stock, valued at approximately $17,928,417.60. This trade represents a 5.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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, General Counsel James S. Black sold 1,878 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $15.34, for a total value of $28,808.52. Following the sale, the general counsel directly owned 89,810 shares of the company’s stock, valued at $1,377,685.40. This represents a 2.05% 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 87,667 shares of company stock valued at $1,331,153. 7.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NextNav

A number of large investors have recently bought and sold shares of NN. State Street Corp grew its position in NextNav by 4.8% in the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company’s stock valued at $41,780,000 after acquiring an additional 108,338 shares during the last quarter. Sona Asset Management US LLC increased its stake in NextNav by 37.9% in the first quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after purchasing an additional 143,349 shares during the period. First Trust Advisors LP increased its stake in NextNav by 3.8% in the first quarter. First Trust Advisors LP now owns 296,391 shares of the company’s stock worth $4,748,000 after purchasing an additional 10,761 shares during the period. Bank of America Corp DE lifted its position in shares of NextNav by 1.2% during the first quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock worth $4,165,000 after purchasing an additional 3,028 shares during the last quarter. Finally, BlueCrest Capital Management Ltd bought a new stake in shares of NextNav during the second quarter worth $4,012,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

About NextNav

NextNav Inc develops positioning, navigation and timing technologies designed to provide accurate location information where traditional GPS may be unavailable, unreliable or insufficient. The company’s solutions are intended to support applications that require precise two-dimensional and three-dimensional geolocation, including public safety, wireless communications, mapping, transportation and critical infrastructure.

Its Pinnacle platform provides nationwide vertical-location services, enabling devices and networks to determine elevation or floor level in addition to latitude and longitude.