NextNav (NASDAQ:NN) Shares Down 5.9% – Here’s What Happened

Shares of NextNav Inc. (NASDAQ:NN) fell 5.9% during mid-day trading on Thursday . The stock traded as low as $22.23 and last traded at $21.8010. 499,653 shares traded hands during trading, a decline of 74% from the average session volume of 1,889,269 shares. The stock had previously closed at $23.18.

Analyst Ratings Changes

Several research firms have issued reports on NN. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. UBS Group set a $25.00 price objective on NextNav in a report on Thursday, April 16th. Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. B. Riley Financial reiterated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Finally, Oppenheimer upgraded NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a report on Thursday, April 16th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $25.00.

NextNav Stock Performance

The firm has a market capitalization of $2.92 billion, a P/E ratio of -17.67 and a beta of 1.03. The stock has a fifty day moving average price of $18.36 and a two-hundred day moving average price of $16.31.

NextNav (NASDAQ:NN) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.03. The firm had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.94 million. As a group, research analysts anticipate that NextNav Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Sammaad Shams sold 3,945 shares of the company’s stock in a transaction on Thursday, March 26th. The stock was sold at an average price of $19.54, for a total transaction of $77,085.30. Following the completion of the transaction, the chief accounting officer directly owned 72,950 shares in the company, valued at $1,425,443. This represents a 5.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel James S. Black sold 9,429 shares of the company’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $17.97, for a total value of $169,439.13. Following the transaction, the general counsel owned 93,566 shares of the company’s stock, valued at approximately $1,681,381.02. The trade was a 9.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 101,133 shares of company stock valued at $1,733,594 in the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its position in NextNav by 79.5% during the 4th quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company’s stock worth $22,955,000 after acquiring an additional 611,179 shares during the period. Susquehanna Advisors Group Inc. lifted its holdings in shares of NextNav by 12.1% in the third quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company’s stock valued at $77,325,000 after buying an additional 584,804 shares during the period. Vanguard Group Inc. lifted its holdings in shares of NextNav by 9.0% in the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock valued at $115,361,000 after buying an additional 573,214 shares during the period. Philosophy Capital Management LLC acquired a new stake in shares of NextNav in the third quarter valued at $7,791,000. Finally, UBS Group AG lifted its holdings in shares of NextNav by 35.0% in the fourth quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock valued at $33,144,000 after buying an additional 516,045 shares during the period. 79.16% of the stock is currently owned by institutional investors.

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.