NextNav (NASDAQ:NN) Stock Price Down 7.2% – What’s Next?

NextNav Inc. (NASDAQ:NN)’s share price dropped 7.2% during trading on Friday . The stock traded as low as $13.01 and last traded at $12.8450. 1,493,913 shares were traded during mid-day trading, a decline of 27% from the average session volume of 2,044,176 shares. The stock had previously closed at $13.84.

Analysts Set New Price Targets

Several analysts have weighed in on NN shares. B. Riley Financial reissued a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. UBS Group set a $25.00 price objective on shares of NextNav in a research note on Thursday, April 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. Oppenheimer upped their target price on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Finally, Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Two 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 stock. According to MarketBeat.com, NextNav currently has a consensus rating of “Hold” and a consensus price target of $37.50.

NextNav Stock Performance

The company has a market cap of $1.77 billion, a price-to-earnings ratio of -10.68 and a beta of 1.06. The company’s fifty day moving average is $19.33 and its two-hundred day moving average is $17.59.

NextNav (NASDAQ:NN) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.03. The business had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $0.94 million. On average, sell-side analysts anticipate that NextNav Inc. will post -0.48 EPS for the current fiscal year.

Insider Buying and Selling at NextNav

In other NextNav news, CAO Sammaad Shams sold 2,006 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $17.84, for a total transaction of $35,787.04. Following the sale, the chief accounting officer directly owned 70,944 shares of the company’s stock, valued at approximately $1,265,640.96. This trade represents a 2.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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, CEO Mariam Sorond sold 2,830 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total value of $51,873.90. Following the completion of the transaction, the chief executive officer directly owned 1,241,665 shares of the company’s stock, valued at approximately $22,759,719.45. This trade represents a 0.23% decrease in their position. 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. Over the last three months, insiders have sold 76,567 shares of company stock valued at $1,522,252. 7.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake 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 purchasing an additional 573,214 shares during the period. UBS Group AG increased its holdings in shares of NextNav by 35.0% during the 4th quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock valued at $33,144,000 after purchasing an additional 516,045 shares in the last quarter. Wittenberg Investment Management Inc. lifted its stake in shares of NextNav by 384.2% in the 4th quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company’s stock valued at $2,014,000 after purchasing an additional 96,056 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of NextNav by 70.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 105,466 shares of the company’s stock valued at $1,508,000 after purchasing an additional 43,694 shares during the period. Finally, T3 Companies LLC purchased a new stake in NextNav during the fourth quarter worth $421,000. 79.16% of the stock is 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.