NextNav (NASDAQ:NN) Trading Down 6.3% – Here’s Why

NextNav Inc. (NASDAQ:NN)’s stock price was down 6.3% on Monday . The stock traded as low as $17.10 and last traded at $17.0350. Approximately 234,796 shares changed hands during trading, a decline of 88% from the average session volume of 2,012,735 shares. The stock had previously closed at $18.18.

Wall Street Analyst Weigh In

NN has been the topic of a number of recent analyst reports. UBS Group set a $25.00 target price on shares of NextNav in a research report on Thursday, April 16th. B. Riley Financial reissued a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. Finally, Oppenheimer lifted their target price on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $37.50.

NextNav Stock Performance

The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -14.16 and a beta of 1.04. The company has a 50-day moving average of $20.12 and a 200-day moving average of $17.61.

NextNav (NASDAQ:NN) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.03. The company had revenue of $0.99 million for the quarter, compared to analyst estimates of $0.94 million. As a group, equities research analysts forecast that NextNav Inc. will post -0.5 EPS for the current year.

Insider Transactions at NextNav

In related news, CEO Mariam Sorond sold 2,830 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.33, for a total transaction of $51,873.90. Following the completion of the sale, the chief executive officer directly owned 1,241,665 shares of the company’s stock, valued at $22,759,719.45. This trade represents a 0.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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. Also, General Counsel James S. Black sold 1,878 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $22.96, for a total transaction of $43,118.88. Following the completion of the transaction, the general counsel directly owned 91,688 shares in the company, valued at $2,105,156.48. This represents a 2.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 sold 78,506 shares of company stock worth $1,563,550 over the last 90 days. 7.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its position in NextNav by 347.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock valued at $37,000 after purchasing an additional 1,721 shares during the period. KBC Group NV acquired a new position in NextNav during the 1st quarter worth approximately $38,000. Clearstead Advisors LLC purchased a new position in shares of NextNav during the 3rd quarter worth approximately $52,000. Kemnay Advisory Services Inc. purchased a new position in shares of NextNav during the 4th quarter worth approximately $97,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of NextNav in the 4th quarter valued at approximately $109,000. 79.16% of the stock is currently owned by institutional investors and hedge funds.

About NextNav

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.