NextNav (NASDAQ:NN) Reaches New 12-Month Low – Here’s Why

Shares of NextNav Inc. (NASDAQ:NN) hit a new 52-week low on Wednesday. The company traded as low as $8.78 and last traded at $8.7380, with a volume of 784,646 shares. The stock had previously closed at $9.85.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NN. Wall Street Zen downgraded shares of NextNav from a “hold” rating to a “sell” rating in a report on Sunday, September 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research note on Thursday, October 15th. Odeon Capital Group started coverage on shares of NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 target price on the stock. Zacks Research lowered shares of NextNav from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Finally, Clear Str raised shares of NextNav to a “strong-buy” rating in a report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, NextNav has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

NextNav Stock Down 14.1%

The stock has a market capitalization of $1.43 billion, a PE ratio of -8.75 and a beta of 1.20. The firm has a 50 day moving average price of $13.26 and a 200-day moving average price of $16.36.

NextNav (NASDAQ:NN) last issued its 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). NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. The firm had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $0.92 million. Equities analysts expect 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 stock in a transaction 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 sale, the chief financial officer owned 120,687 shares in the company, valued at $1,766,857.68. This represents a 8.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel James S. Black sold 1,878 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $15.34, for a total transaction of $28,808.52. Following the transaction, the general counsel directly owned 89,810 shares of the company’s stock, valued at approximately $1,377,685.40. This trade represents a 2.05% 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. In the last ninety days, insiders sold 87,667 shares of company stock worth $1,331,153. Company insiders own 7.80% of the company’s stock.

Institutional Trading of NextNav

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. General American Investors Co. Inc. acquired a new position in shares of NextNav in the third quarter worth about $10,063,000. Commonwealth Equity Services LLC acquired a new position in NextNav during the third quarter worth about $5,319,000. BlueCrest Capital Management Ltd acquired a new position in shares of NextNav during the 2nd quarter worth approximately $4,012,000. Leelyn Smith LLC increased its holdings in shares of NextNav by 1,047.2% in the third quarter. Leelyn Smith LLC now owns 233,555 shares of the company’s stock valued at $3,359,000 after purchasing an additional 213,197 shares during the last quarter. Finally, Sona Asset Management US LLC raised its holdings in shares of NextNav by 37.9% during the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after acquiring an additional 143,349 shares during the period. 79.16% of the stock is owned by institutional investors and hedge funds.

About NextNav

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.