Insider Selling: NextNav (NASDAQ:NN) General Counsel Sells $43,118.88 in Stock

NextNav Inc. (NASDAQ:NN) General Counsel James Black sold 1,878 shares of the firm’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 completion of the transaction, the general counsel directly owned 91,688 shares in the company, valued at approximately $2,105,156.48. This represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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.

NextNav Trading Down 1.8%

Shares of NASDAQ NN opened at $18.18 on Friday. NextNav Inc. has a 12-month low of $10.87 and a 12-month high of $24.42. The stock has a market cap of $2.48 billion, a PE ratio of -15.02 and a beta of 1.04. The company has a 50-day moving average of $19.99 and a 200 day moving average of $17.54.

NextNav (NASDAQ:NN) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.03. The business had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.94 million. On average, sell-side analysts forecast that NextNav Inc. will post -0.5 EPS for the current fiscal year.

Institutional Trading of NextNav

Several institutional investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in NextNav by 1.2% in the first quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock valued at $4,165,000 after acquiring an additional 3,028 shares during the last quarter. Amundi increased its stake in NextNav by 7.5% during the first quarter. Amundi now owns 43,703 shares of the company’s stock worth $700,000 after acquiring an additional 3,043 shares during the last quarter. California State Teachers Retirement System raised its position in NextNav by 41.6% in the first 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 during the period. Quantinno Capital Management LP purchased a new stake in NextNav in the first quarter valued at $364,000. Finally, Sona Asset Management US LLC lifted its stake in shares of NextNav by 37.9% in 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 during the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.

Analysts Set New Price Targets

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

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.