NextNav (NASDAQ:NN) Shares Down 8.8% – What’s Next?

NextNav Inc. (NASDAQ:NN)’s share price was down 8.8% during mid-day trading on Friday . The company traded as low as $19.65 and last traded at $20.2280. Approximately 338,576 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,846,863 shares. The stock had previously closed at $22.18.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on NN shares. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research note on Tuesday, April 21st. B. Riley Financial restated a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. Oppenheimer upgraded NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a research note on Thursday, April 16th. Wall Street Zen cut NextNav from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 21st. Finally, UBS Group set a $25.00 price objective on NextNav in a research note on Thursday, April 16th. Two 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $25.00.

NextNav Stock Down 10.2%

The company has a 50-day moving average price of $17.89 and a two-hundred day moving average price of $16.05. The stock has a market capitalization of $2.71 billion, a P/E ratio of -13.03 and a beta of 1.03.

NextNav (NASDAQ:NN) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.03. The company had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.94 million. On average, sell-side analysts expect that NextNav Inc. will post -0.59 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Mariam Sorond sold 11,322 shares of the company’s stock in a transaction dated 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 in the company, valued at $21,224,664.40. This represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Timothy Gray sold 1,405 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.11, for a total value of $25,444.55. Following the sale, the chief financial officer owned 131,786 shares in the company, valued at approximately $2,386,644.46. This represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 101,133 shares of company stock valued at $1,733,594. Corporate insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NN. Caitong International Asset Management Co. Ltd grew its holdings in shares of NextNav by 347.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock worth $37,000 after purchasing an additional 1,721 shares in the last quarter. KBC Group NV purchased a new position in shares of NextNav during the first quarter worth about $38,000. Clearstead Advisors LLC purchased a new position in shares of NextNav during the third quarter worth about $52,000. Kemnay Advisory Services Inc. purchased a new position in shares of NextNav during the fourth quarter worth about $97,000. Finally, Osterweis Capital Management Inc. purchased a new position in shares of NextNav during the fourth quarter worth about $109,000. Hedge funds and other 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.