NextNav (NASDAQ:NN) Hits New 1-Year Low – What’s Next?

NextNav Inc. (NASDAQ:NN)’s share price reached a new 52-week low on Wednesday. The stock traded as low as $8.78 and last traded at $8.7380, with a volume of 784,646 shares traded. The stock had previously closed at $9.85.

Analyst Ratings Changes

NN has been the subject of several recent analyst reports. Clear Str raised shares of NextNav to a “strong-buy” rating in a report on Monday, September 21st. Wells Fargo & Company restated a “buy” rating on shares of NextNav in a report on Monday, September 21st. Zacks Research downgraded NextNav from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Odeon Capital Group assumed coverage on NextNav in a report on Monday, July 20th. They issued a “buy” rating and a $22.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, NextNav has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

NextNav Stock Performance

The firm has a market cap of $1.43 billion, a P/E ratio of -8.75 and a beta of 1.20. The firm’s fifty day simple moving average is $13.26 and its 200 day simple moving average is $16.36.

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

Insider Buying and Selling

In related news, General Counsel James S. Black sold 1,878 shares of the 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 transaction, the general counsel 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $15.30, for a total value of $1,068,750.90. Following 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 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. Insiders have sold 87,667 shares of company stock valued at $1,331,153 in the last 90 days. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp grew its holdings in NextNav by 4.8% in the second quarter. State Street Corp now owns 2,343,255 shares of the company’s stock worth $41,780,000 after purchasing an additional 108,338 shares during the last quarter. General American Investors Co. Inc. purchased a new stake in shares of NextNav during the 3rd quarter valued at $10,063,000. Sona Asset Management US LLC lifted its holdings 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 valued at $8,354,000 after purchasing an additional 143,349 shares during the last quarter. Commonwealth Equity Services LLC acquired a new stake in shares of NextNav in the 3rd quarter worth $5,319,000. Finally, First Trust Advisors LP boosted its position in shares of NextNav by 3.8% in the 1st 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 in the last quarter. 79.16% of the stock is currently owned by institutional investors.

NextNav Company Profile

NextNav Inc (NASDAQ:NN) develops positioning, navigation and timing technologies designed to provide reliable location information in environments where traditional GPS and satellite-based systems may be unavailable, inaccurate or vulnerable to disruption. The company’s services are intended for applications in communications, public safety, transportation, logistics, mapping and other industries that rely on precise location and timing data.

NextNav’s primary products include Pinnacle, a terrestrial network that provides three-dimensional positioning, including accurate altitude information, and TerraPoiNT, a terrestrial positioning, navigation and timing system designed to complement or serve as an alternative to GPS.