NextNav (NASDAQ:NN) Shares Down 5.9% – Here’s What Happened

NextNav Inc. (NASDAQ:NN)’s share price was down 5.9% on Thursday . The stock traded as low as $22.23 and last traded at $21.8010. Approximately 499,653 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,889,269 shares. The stock had previously closed at $23.18.

Analysts Set New Price Targets

Several analysts have recently weighed in on NN shares. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. Wall Street Zen raised NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. UBS Group set a $25.00 target price on NextNav in a research report on Thursday, April 16th. Finally, Oppenheimer raised NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a research report on Thursday, April 16th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $25.00.

NextNav Stock Down 7.8%

The business has a 50-day moving average price of $18.36 and a 200-day moving average price of $16.31. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of -17.67 and a beta of 1.03.

NextNav (NASDAQ:NN) last announced its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.03. The company had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.94 million. As a group, sell-side analysts predict that NextNav Inc. will post -0.52 EPS for the current year.

Insider Buying and Selling

In other news, CEO Mariam Sorond sold 11,322 shares of the business’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $16.85, for a total transaction of $190,775.70. Following the sale, the chief executive officer directly owned 1,259,624 shares of the company’s stock, valued at $21,224,664.40. The trade was a 0.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Timothy Gray sold 1,405 shares of the company’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $18.11, for a total value of $25,444.55. Following the transaction, the chief financial officer directly owned 131,786 shares in the company, valued at $2,386,644.46. The trade was a 1.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 101,133 shares of company stock valued at $1,733,594 over the last ninety days. 7.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position 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 period. UBS Group AG raised its position in NextNav by 35.0% during the fourth quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock valued at $33,144,000 after buying an additional 516,045 shares during the period. JPMorgan Chase & Co. increased its position in NextNav by 70.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 105,466 shares of the company’s stock worth $1,508,000 after purchasing an additional 43,694 shares during the last quarter. MAI Capital Management increased its position in NextNav by 11.8% in the 3rd quarter. MAI Capital Management now owns 63,208 shares of the company’s stock worth $904,000 after purchasing an additional 6,689 shares during the last quarter. Finally, Traynor Capital Management Inc. acquired a new position in NextNav in the 3rd quarter worth about $446,000. 79.16% of the stock is owned by institutional investors and hedge funds.

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.