NextNav (NASDAQ:NN) Trading Down 6% – Here’s What Happened

NextNav Inc. (NASDAQ:NN)’s stock price fell 6% during trading on Wednesday . The stock traded as low as $21.45 and last traded at $21.6440. 1,243,261 shares were traded during mid-day trading, a decline of 35% from the average session volume of 1,921,350 shares. The stock had previously closed at $23.02.

Analysts Set New Price Targets

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

NextNav Trading Down 5.8%

The company has a market cap of $2.96 billion, a PE ratio of -17.93 and a beta of 1.03. The business’s 50-day simple moving average is $18.77 and its 200-day simple moving average is $16.58.

NextNav (NASDAQ:NN) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.03. The firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.94 million. On average, research analysts predict that NextNav Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at NextNav

In other news, CAO Sammaad Shams sold 3,945 shares of the firm’s stock in a transaction on Thursday, March 26th. The shares were sold at an average price of $19.54, for a total transaction of $77,085.30. Following the transaction, the chief accounting officer owned 72,950 shares in the company, valued at approximately $1,425,443. This trade represents a 5.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mariam Sorond sold 69,853 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $16.91, for a total transaction of $1,181,214.23. Following the transaction, the chief executive officer owned 1,270,946 shares in the company, valued at $21,491,696.86. This represents a 5.21% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 101,133 shares of company stock worth $1,733,594. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE raised its holdings in shares of NextNav by 1.2% during the 1st quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock valued at $4,165,000 after purchasing an additional 3,028 shares in the last quarter. Amundi raised its holdings in shares of NextNav by 7.5% during the 1st quarter. Amundi now owns 43,703 shares of the company’s stock valued at $700,000 after purchasing an additional 3,043 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of NextNav by 41.6% during the 1st quarter. California State Teachers Retirement System now owns 97,347 shares of the company’s stock valued at $1,559,000 after purchasing an additional 28,584 shares in the last quarter. Quantinno Capital Management LP bought a new position in shares of NextNav during the 1st quarter valued at $364,000. 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 valued at $8,354,000 after purchasing an additional 143,349 shares in the last quarter. Institutional investors own 79.16% of the company’s stock.

About NextNav

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.