Insider Selling: NextNav (NASDAQ:NN) CEO Sells 2,830 Shares of Stock

NextNav Inc. (NASDAQ:NN) CEO Mariam Sorond sold 2,830 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.33, for a total value of $51,873.90. Following the sale, the chief executive officer owned 1,241,665 shares of the company’s stock, valued at $22,759,719.45. This represents a 0.23% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 Monday, June 1st, Mariam Sorond sold 69,853 shares of NextNav stock. The shares were sold at an average price of $19.92, for a total value of $1,391,471.76.

NextNav Stock Down 1.8%

NASDAQ NN traded down $0.33 during trading hours on Thursday, reaching $18.18. The company’s stock had a trading volume of 2,771,114 shares, compared to its average volume of 2,482,124. The firm’s 50-day moving average price is $19.99 and its 200-day moving average price is $17.54. NextNav Inc. has a 1 year low of $10.87 and a 1 year high of $24.42. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -15.02 and a beta of 1.04.

NextNav (NASDAQ:NN) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.03. The business had revenue of $0.99 million during the quarter, compared to the consensus estimate of $0.94 million. Equities research analysts anticipate that NextNav Inc. will post -0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NN. Vanguard Group Inc. increased its position in NextNav by 9.0% in the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock worth $115,361,000 after purchasing an additional 573,214 shares during the last quarter. Susquehanna Advisors Group Inc. lifted its position in NextNav by 1.4% during the fourth quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company’s stock valued at $91,226,000 after purchasing an additional 74,995 shares during the last quarter. Geode Capital Management LLC lifted its position in NextNav by 4.6% during the fourth quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company’s stock valued at $37,754,000 after purchasing an additional 100,058 shares during the last quarter. State Street Corp grew its stake in shares of NextNav by 1.9% in the 4th quarter. State Street Corp now owns 2,171,877 shares of the company’s stock worth $36,140,000 after buying an additional 40,762 shares in the last quarter. Finally, Plustick Management LLC increased its holdings in shares of NextNav by 1.3% in the 4th quarter. Plustick Management LLC now owns 2,065,818 shares of the company’s stock worth $34,375,000 after buying an additional 25,818 shares during the last quarter. 79.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on NN shares. Oppenheimer upped their target price 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. UBS Group set a $25.00 price objective on shares of NextNav in a report on Thursday, April 16th. Finally, B. Riley Financial restated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, NextNav has a consensus rating of “Hold” and a consensus price target of $37.50.

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.