NextNav (NASDAQ:NN) Shares Down 6.8% – Here’s What Happened

NextNav Inc. (NASDAQ:NN)’s stock price was down 6.8% during mid-day trading on Monday . The stock traded as low as $16.37 and last traded at $16.35. Approximately 807,169 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 2,212,302 shares. The stock had previously closed at $17.55.

Analysts Set New Price Targets

Several brokerages have issued reports on NN. Zacks Research lowered NextNav from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research report on Friday, July 17th. Oppenheimer boosted their price objective on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Odeon Capital Group assumed coverage on shares of NextNav in a report on Monday, July 20th. They issued a “buy” rating and a $22.00 price objective for the company. Finally, Wall Street Zen raised shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $32.33.

NextNav Trading Down 7.4%

The company has a market cap of $2.74 billion, a PE ratio of -16.79 and a beta of 1.10. The stock has a 50 day moving average price of $16.14 and a 200 day moving average price of $17.57.

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). 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 for the quarter, compared to analysts’ expectations of $0.92 million. Equities analysts expect that NextNav Inc. will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Sammaad Shams sold 2,006 shares of NextNav stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $17.84, for a total transaction of $35,787.04. Following the completion of the transaction, the chief accounting officer directly owned 70,944 shares of the company’s stock, valued at $1,265,640.96. This trade represents a 2.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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, General Counsel James S. Black sold 1,878 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $22.96, for a total transaction of $43,118.88. Following the sale, the general counsel directly owned 91,688 shares in the company, valued at $2,105,156.48. The trade was a 2.01% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 sold a total of 76,567 shares of company stock worth $1,522,252 in the last three months. 7.80% of the stock is owned by corporate insiders.

Institutional Trading of NextNav

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in NextNav by 9.0% during 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 last quarter. Susquehanna Advisors Group Inc. grew its stake in shares of NextNav by 1.4% in the fourth quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company’s stock worth $91,226,000 after acquiring an additional 74,995 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of NextNav by 4.6% during the fourth quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company’s stock valued at $37,754,000 after acquiring an additional 100,058 shares in the last quarter. State Street Corp raised its position in shares of NextNav by 1.9% in the 4th quarter. State Street Corp now owns 2,171,877 shares of the company’s stock worth $36,140,000 after purchasing an additional 40,762 shares during the last quarter. Finally, Plustick Management LLC boosted its stake in NextNav by 1.3% in the 4th quarter. Plustick Management LLC now owns 2,065,818 shares of the company’s stock worth $34,375,000 after purchasing an additional 25,818 shares in the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.

NextNav Company Profile

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.