Insider Selling: NextNav (NASDAQ:NN) General Counsel Sells 1,878 Shares of Stock

NextNav Inc. (NASDAQ:NN) General Counsel James Black sold 1,878 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were 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 in the company, valued at approximately $1,377,685.40. This represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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.

NextNav Price Performance

Shares of NASDAQ NN traded down $0.30 during mid-day trading on Wednesday, reaching $14.62. The company’s stock had a trading volume of 1,874,169 shares, compared to its average volume of 2,176,646. The firm has a market capitalization of $2.47 billion, a PE ratio of -15.07 and a beta of 1.12. The stock has a fifty day moving average of $15.36 and a two-hundred day moving average of $17.49. NextNav Inc. has a 52 week low of $10.87 and a 52 week high of $24.42.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Sona Asset Management US LLC lifted its stake in shares of NextNav by 37.9% during the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after acquiring an additional 143,349 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in NextNav by 12.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company’s stock worth $6,390,000 after purchasing an additional 41,004 shares during the period. First Trust Advisors LP lifted its position in shares of NextNav by 3.8% during 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 last quarter. Bank of America Corp DE grew its holdings in shares of NextNav by 1.2% in 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 purchased a new position in NextNav in the 2nd quarter worth about $4,012,000. Institutional investors own 79.16% of the company’s stock.

Analyst Ratings Changes

NN has been the topic of several recent research reports. Oppenheimer upped their price objective on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. Wall Street Zen cut shares of NextNav from a “hold” rating to a “sell” rating in a research report on Saturday, August 29th. Zacks Research cut NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Finally, Odeon Capital Group began coverage on NextNav in a report on Monday, July 20th. They set a “buy” rating and a $22.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target 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.