NextNav (NASDAQ:NN) Stock Price Down 11.1% – Time to Sell?

NextNav Inc. (NASDAQ:NN)’s stock price was down 11.1% on Monday. The company traded as low as $10.62 and last traded at $10.2430. 1,024,624 shares changed hands during trading, a decline of 57% from the average daily volume of 2,395,760 shares. The stock had previously closed at $11.52.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NN shares. Wells Fargo & Company reiterated a “buy” rating on shares of NextNav in a report on Monday, September 21st. Clear Str upgraded shares of NextNav to a “strong-buy” rating in a research report on Monday, September 21st. Odeon Capital Group initiated coverage on shares of NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 target price on the stock. Wall Street Zen cut shares of NextNav from a “hold” rating to a “sell” rating in a report on Sunday, September 27th. Finally, Zacks Research downgraded shares of NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $32.33.

NextNav Stock Performance

The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -9.03 and a beta of 1.20. The company has a 50-day moving average of $13.26 and a 200-day moving average of $16.36.

NextNav (NASDAQ:NN) last announced its earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share 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 during the quarter, compared to analyst estimates of $0.92 million. As a group, analysts expect that NextNav Inc. will post -0.46 earnings per share for the current year.

Insider Activity at NextNav

In related news, CFO Timothy Gray sold 11,099 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $14.64, for a total transaction of $162,489.36. Following the sale, the chief financial officer owned 120,687 shares in the company, valued at approximately $1,766,857.68. This trade represents a 8.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel James Black sold 1,878 shares of NextNav stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $15.34, for a total transaction of $28,808.52. Following the completion of the sale, the general counsel directly owned 89,810 shares of the company’s stock, valued at $1,377,685.40. The trade was a 2.05% 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. Over the last 90 days, insiders have sold 87,667 shares of company stock valued at $1,331,153. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

Large investors have recently added to or reduced their stakes in the business. Fulcrum Asset Management LLP purchased a new stake in NextNav in the 3rd quarter valued at about $669,000. Leelyn Smith LLC lifted its holdings in shares of NextNav by 1,047.2% during the 3rd quarter. Leelyn Smith LLC now owns 233,555 shares of the company’s stock worth $3,359,000 after acquiring an additional 213,197 shares during the period. CenterBook Partners LP lifted its holdings in shares of NextNav by 309.1% during the 3rd quarter. CenterBook Partners LP now owns 124,630 shares of the company’s stock worth $1,792,000 after acquiring an additional 94,169 shares during the period. General American Investors Co. Inc. acquired a new stake in shares of NextNav in the third quarter worth approximately $10,063,000. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of NextNav in the third quarter worth approximately $5,319,000. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

NextNav Company Profile

NextNav Inc (NASDAQ:NN) develops positioning, navigation and timing technologies designed to provide reliable location information in environments where traditional GPS and satellite-based systems may be unavailable, inaccurate or vulnerable to disruption. The company’s services are intended for applications in communications, public safety, transportation, logistics, mapping and other industries that rely on precise location and timing data.

NextNav’s primary products include Pinnacle, a terrestrial network that provides three-dimensional positioning, including accurate altitude information, and TerraPoiNT, a terrestrial positioning, navigation and timing system designed to complement or serve as an alternative to GPS.