Insider Selling: NextNav (NASDAQ:NN) General Counsel Sells $28,808.52 in Stock

NextNav Inc. (NASDAQ:NN) General Counsel James Black sold 1,878 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $15.34, for a total value of $28,808.52. Following the transaction, the general counsel owned 89,810 shares in the company, valued at $1,377,685.40. This trade represents a 2.05% 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 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 Price Performance

NextNav stock opened at $14.22 on Friday. NextNav Inc. has a 12 month low of $10.87 and a 12 month high of $24.42. The company has a fifty day moving average price of $15.29 and a two-hundred day moving average price of $17.46. The company has a market cap of $2.40 billion, a PE ratio of -14.66 and a beta of 1.12.

NextNav (NASDAQ:NN) last issued its earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%.The business had revenue of $1.15 million for the quarter, compared to analyst estimates of $0.92 million. Equities research analysts anticipate that NextNav Inc. will post -0.46 earnings per share for the current year.

Institutional Investors Weigh In On NextNav

Several large investors have recently made changes to their positions in NN. BlueCrest Capital Management Ltd acquired a new position in NextNav in the second quarter worth approximately $4,012,000. Sona Asset Management US LLC raised its holdings in NextNav by 37.9% during the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after buying an additional 143,349 shares during the period. Squarepoint Ops LLC lifted its stake in NextNav by 592.0% during the second quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock valued at $2,016,000 after buying an additional 96,734 shares in the last quarter. Wittenberg Investment Management Inc. lifted its stake in NextNav by 384.2% during the fourth quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company’s stock valued at $2,014,000 after buying an additional 96,056 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of NextNav by 12.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company’s stock worth $6,390,000 after buying an additional 41,004 shares during the period. Institutional investors and hedge funds own 79.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Zacks Research downgraded NextNav from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Odeon Capital Group began coverage on NextNav in a report on Monday, July 20th. They issued a “buy” rating and a $22.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research report on Friday, July 17th. Oppenheimer upped their price objective on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Finally, Wall Street Zen raised NextNav from a “sell” rating to a “hold” rating in a research report on Saturday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $32.33.

NextNav Company Profile

NextNav Inc (NASDAQ: NN) is a positioning, navigation and timing technology company that develops alternatives and complements to GPS. Its services are designed to provide accurate location and timing information in environments where GPS signals may be weak, unavailable or unreliable, including indoors and in urban areas.

The company’s primary offerings include Pinnacle, a 3D geolocation service that provides precise vertical positioning, and TerraPoiNT, a terrestrial network designed to deliver resilient positioning, navigation and timing signals.