NextNav (NASDAQ:NN) Stock Price Down 11.1% – What’s Next?

Shares of NextNav Inc. (NASDAQ:NN) were down 11.1% during trading on Monday. The company traded as low as $10.62 and last traded at $10.2430. Approximately 1,024,624 shares changed hands during trading, a decline of 57% from the average daily volume of 2,395,760 shares. The stock had previously closed at $11.52.

Analyst Ratings Changes

Several equities analysts recently commented on NN shares. Wall Street Zen lowered NextNav from a “hold” rating to a “sell” rating in a report on Sunday, September 27th. 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 for the company. Clear Str raised NextNav to a “strong-buy” rating in a research report on Monday, September 21st. Wells Fargo & Company reiterated a “buy” rating on shares of NextNav in a report on Monday, September 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $32.33.

NextNav Trading Down 16.5%

The firm’s fifty day moving average price is $13.54 and its 200-day moving average price is $16.40. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -9.92 and a beta of 1.20.

NextNav (NASDAQ:NN) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). The company had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $0.92 million. NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. On average, sell-side analysts expect that NextNav Inc. will post -0.46 earnings per share for the current year.

Insider Buying and Selling at NextNav

In other news, CFO Timothy Gray sold 11,099 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $14.64, for a total value of $162,489.36. Following the completion of the sale, the chief financial officer directly owned 120,687 shares of the company’s stock, valued at approximately $1,766,857.68. This represents a 8.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 the stock in a transaction dated 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 sale, the chief executive officer owned 1,171,792 shares of the company’s stock, valued at $17,928,417.60. This trade represents a 5.63% decrease in their position. 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 three months, insiders have sold 87,667 shares of company stock worth $1,331,153. 7.80% of the stock is owned by company insiders.

Institutional Trading of NextNav

A number of hedge funds have recently added to or reduced their stakes in NN. Sona Asset Management US LLC grew its position in NextNav by 37.9% in the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock valued at $8,354,000 after buying an additional 143,349 shares during the last quarter. State Street Corp raised its position in NextNav by 4.8% during the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company’s stock worth $41,780,000 after buying an additional 108,338 shares during the last quarter. BlueCrest Capital Management Ltd purchased a new position in NextNav during the 2nd quarter worth $4,012,000. Squarepoint Ops LLC lifted its stake in shares of NextNav by 592.0% in the 2nd quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock worth $2,016,000 after acquiring an additional 96,734 shares during the period. Finally, California State Teachers Retirement System lifted its stake in shares of NextNav by 41.6% in the 1st quarter. California State Teachers Retirement System now owns 97,347 shares of the company’s stock worth $1,559,000 after acquiring an additional 28,584 shares during the period. 79.16% of the stock is owned by institutional investors and hedge funds.

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.