NextNav (NASDAQ:NN) Stock Price Down 6.7% – What’s Next?

NextNav Inc. (NASDAQ:NN)’s share price traded down 6.7% on Monday . The stock traded as low as $20.80 and last traded at $20.07. 124,111 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,986,671 shares. The stock had previously closed at $21.50.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NN. B. Riley Financial restated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Oppenheimer raised their target price on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Wall Street Zen raised shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Finally, UBS Group set a $25.00 price target on shares of NextNav in a research report on Thursday, April 16th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, NextNav currently has an average rating of “Hold” and a consensus price target of $37.50.

NextNav Price Performance

The firm has a 50 day moving average of $19.89 and a two-hundred day moving average of $17.48. The stock has a market cap of $2.53 billion, a PE ratio of -15.30 and a beta of 1.04.

NextNav (NASDAQ:NN) last posted its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.03. The business had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.94 million. As a group, equities analysts anticipate that NextNav Inc. will post -0.5 EPS for the current fiscal year.

Insider Activity at NextNav

In related news, CEO Mariam Sorond sold 69,853 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $19.92, for a total value of $1,391,471.76. Following the completion of the sale, the chief executive officer directly owned 1,244,495 shares of the company’s stock, valued at $24,790,340.40. The trade was a 5.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 on Friday, June 12th. The shares were sold at an average price of $22.96, for a total transaction of $43,118.88. Following the completion of the sale, the general counsel directly owned 91,688 shares of the company’s stock, valued at approximately $2,105,156.48. This trade represents a 2.01% decrease in their ownership of the stock. 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 sold 88,392 shares of company stock valued at $1,740,607 in the last ninety days. 7.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NextNav

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in NextNav by 9.0% in 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. boosted its stake in shares of NextNav by 1.4% during the fourth quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company’s stock worth $91,226,000 after buying an additional 74,995 shares during the period. Geode Capital Management LLC boosted its stake 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 worth $37,754,000 after buying an additional 100,058 shares during the period. State Street Corp boosted its stake in shares of NextNav by 1.9% during the fourth quarter. State Street Corp now owns 2,171,877 shares of the company’s stock worth $36,140,000 after buying an additional 40,762 shares during the period. Finally, Plustick Management LLC boosted its stake in shares of NextNav by 1.3% during the fourth quarter. Plustick Management LLC now owns 2,065,818 shares of the company’s stock worth $34,375,000 after buying an additional 25,818 shares during the period. 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.