NextNav (NASDAQ:NN) Shares Down 5.8% – What’s Next?

NextNav Inc. (NASDAQ:NN) fell 5.8% during trading on Monday. The stock traded as low as $13.29 and last traded at $13.1750. 1,110,386 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 2,239,142 shares. The stock had previously closed at $13.98.

Analyst Ratings Changes

NN has been the subject of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. Wells Fargo & Company reissued a “buy” rating on shares of NextNav in a research report on Monday, September 21st. Clear Str upgraded shares of NextNav to a “strong-buy” rating in a report on Monday, September 21st. Zacks Research downgraded shares of NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Finally, Wall Street Zen lowered shares of NextNav from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, NextNav currently has a consensus rating of “Moderate Buy” and an average target price of $32.33.

NextNav Stock Down 6.1%

The business’s 50 day simple moving average is $15.44 and its 200 day simple moving average is $17.31. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of -13.59 and a beta of 1.16.

NextNav (NASDAQ:NN) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). The business had revenue of $1.15 million for 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%. Equities research analysts forecast that NextNav Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other NextNav news, 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 transaction of $1,068,750.90. Following the completion of the transaction, the chief executive officer directly owned 1,171,792 shares of the company’s stock, valued at $17,928,417.60. The trade was a 5.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available 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. Also, CFO Timothy Gray sold 11,099 shares of the company’s stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $14.64, for a total transaction of $162,489.36. Following the completion of the transaction, the chief financial officer owned 120,687 shares in the company, valued at approximately $1,766,857.68. This represents a 8.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 87,667 shares of company stock valued at $1,331,153. 7.80% of the stock is owned by insiders.

Institutional Trading of NextNav

A number of hedge funds have recently modified their holdings of NN. State Street Corp grew its stake 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 buying an additional 108,338 shares during the last quarter. Sona Asset Management US LLC lifted its position in NextNav by 37.9% during the first 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. First Trust Advisors LP boosted its holdings 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 acquiring an additional 10,761 shares during the period. Bank of America Corp DE boosted its holdings 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 acquiring an additional 3,028 shares during the period. Finally, BlueCrest Capital Management Ltd acquired a new position in shares of NextNav in the second quarter valued at approximately $4,012,000. Institutional investors and hedge funds own 79.16% of the company’s stock.

NextNav Company Profile

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.