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

NextNav Inc. (NASDAQ:NN) fell 11.1% during mid-day trading on Monday. The stock traded as low as $10.62 and last traded at $10.2430. 1,024,624 shares were traded 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 Upgrades and Downgrades

NN has been the topic of a number of analyst reports. Clear Str raised NextNav to a “strong-buy” rating in a report on Monday, September 21st. Zacks Research downgraded NextNav from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Odeon Capital Group began coverage on NextNav in a report on Monday, July 20th. They issued a “buy” rating and a $22.00 price target for the company. Wells Fargo & Company restated a “buy” rating on shares of NextNav in a research note on Monday, September 21st. Finally, Wall Street Zen lowered NextNav from a “hold” rating to a “sell” rating in a report on Sunday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, NextNav has a consensus rating of “Moderate Buy” and an average price target of $32.33.

NextNav Stock Performance

The stock’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 PE ratio of -9.92 and a beta of 1.20.

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

Insider Buying and Selling at NextNav

In other news, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the completion of the sale, the chief executive officer directly owned 1,171,792 shares in the company, valued at approximately $17,928,417.60. This trade represents a 5.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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, CFO Timothy Gray sold 11,099 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total value of $162,489.36. Following the sale, the chief financial officer directly owned 120,687 shares in the company, valued at $1,766,857.68. This trade represents a 8.42% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 87,667 shares of company stock valued at $1,331,153. Corporate insiders own 7.80% of the company’s stock.

Institutional Trading of NextNav

Institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC acquired a new stake in NextNav in the third quarter valued at $5,319,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of NextNav during the 3rd quarter worth $111,000. ProShare Advisors LLC acquired a new position in shares of NextNav during the 3rd quarter worth $183,000. Oppenheimer & Co. Inc. purchased a new stake in shares of NextNav in the 3rd quarter worth about $430,000. Finally, Deltec Asset Management LLC purchased a new stake in shares of NextNav in the 3rd quarter worth about $180,000. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

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.