NextNav (NASDAQ:NN) Trading Down 6.5% – Here’s What Happened

Shares of NextNav Inc. (NASDAQ:NN) fell 6.5% on Wednesday . The company traded as low as $15.92 and last traded at $15.95. 810,429 shares traded hands during trading, a decline of 34% from the average session volume of 1,221,329 shares. The stock had previously closed at $17.06.

Analyst Ratings Changes

NN has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Thursday, January 22nd. Wall Street Zen lowered shares of NextNav from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce”.

NextNav Price Performance

The firm has a market cap of $2.17 billion, a PE ratio of -12.36 and a beta of 0.96. The company’s 50 day moving average price is $15.82 and its 200 day moving average price is $15.17.

Insider Buying and Selling at NextNav

In other news, CAO Sammaad Shams sold 1,576 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $16.24, for a total value of $25,594.24. Following the sale, the chief accounting officer directly owned 65,995 shares in the company, valued at approximately $1,071,758.80. This trade represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On NextNav

Institutional investors and hedge funds have recently modified their holdings of the company. Van ECK Associates Corp raised its stake in NextNav by 79.5% in the fourth quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company’s stock valued at $22,955,000 after buying an additional 611,179 shares in the last quarter. Susquehanna Advisors Group Inc. increased its holdings in shares of NextNav by 12.1% in the 3rd quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company’s stock valued at $77,325,000 after acquiring an additional 584,804 shares during the last quarter. Vanguard Group Inc. raised its position in shares of NextNav by 9.0% during the 4th quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock worth $115,361,000 after acquiring an additional 573,214 shares in the last quarter. Philosophy Capital Management LLC purchased a new stake in NextNav during the third quarter worth approximately $7,791,000. Finally, UBS Group AG lifted its stake in NextNav by 35.0% during the fourth quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock worth $33,144,000 after purchasing an additional 516,045 shares during the last quarter. Institutional investors and hedge funds own 79.16% of the company’s stock.

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.