NextNav (NASDAQ:NN) Stock Price Down 5.8% – What’s Next?

NextNav Inc. (NASDAQ:NN) shares dropped 5.8% during mid-day trading on Monday. The stock traded as low as $13.29 and last traded at $13.1750. 1,110,386 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 2,239,142 shares. The stock had previously closed at $13.98.

Analyst Ratings Changes

NN has been the topic of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research report on Friday, July 17th. Odeon Capital Group began coverage on shares of NextNav in a research note on Monday, July 20th. They issued a “buy” rating and a $22.00 price target on the stock. Clear Str upgraded shares of NextNav to a “strong-buy” rating in a research note on Monday, September 21st. Wells Fargo & Company reaffirmed a “buy” rating on shares of NextNav in a research report on Monday, September 21st. Finally, Wall Street Zen cut shares of NextNav from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. One equities research 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 given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

NextNav Trading Down 6.1%

The stock has a market capitalization of $2.22 billion, a P/E ratio of -13.59 and a beta of 1.16. The business has a 50-day moving average price of $15.44 and a two-hundred day moving average price of $17.31.

NextNav (NASDAQ:NN) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). The company had revenue of $1.15 million during the quarter, compared to the consensus estimate of $0.92 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%. On average, 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, CFO Timothy Gray sold 11,099 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $14.64, for a total value of $162,489.36. Following the completion of the transaction, the chief financial officer directly owned 120,687 shares in the company, valued at approximately $1,766,857.68. The trade was a 8.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mariam Sorond sold 69,853 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the sale, the chief executive officer directly owned 1,171,792 shares of the company’s stock, valued at approximately $17,928,417.60. This trade represents a 5.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 have sold a total of 87,667 shares of company stock valued at $1,331,153 in the last ninety days. 7.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NextNav

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. KBC Group NV acquired a new stake in shares of NextNav in the 1st quarter valued at $38,000. Grove Bank & Trust acquired a new position in shares of NextNav during the 2nd quarter worth $53,000. Caitong International Asset Management Co. Ltd lifted its position in shares of NextNav by 732.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,127 shares of the company’s stock worth $69,000 after buying an additional 3,631 shares during the last quarter. Sei Investments Co. bought a new stake in shares of NextNav during the 1st quarter worth $231,000. Finally, Park Edge Advisors LLC boosted its stake in NextNav by 33.2% in the first quarter. Park Edge Advisors LLC now owns 22,542 shares of the company’s stock valued at $361,000 after buying an additional 5,614 shares in the last quarter. 79.16% of the stock is currently owned by institutional investors.

NextNav Company Profile

NextNav Inc develops positioning, navigation and timing technologies designed to provide accurate location information where traditional GPS may be unavailable, unreliable or insufficient. The company’s solutions are intended to support applications that require precise two-dimensional and three-dimensional geolocation, including public safety, wireless communications, mapping, transportation and critical infrastructure.

Its Pinnacle platform provides nationwide vertical-location services, enabling devices and networks to determine elevation or floor level in addition to latitude and longitude.