NextNav (NASDAQ:NN) Sees Strong Trading Volume – Here’s What Happened

Shares of NextNav Inc. (NASDAQ:NN) saw unusually-high trading volume on Wednesday . Approximately 1,274,032 shares were traded during trading, a decline of 18% from the previous session’s volume of 1,546,448 shares.The stock last traded at $19.4830 and had previously closed at $22.57.

Analysts Set New Price Targets

NN has been the subject of several recent research reports. Wall Street Zen downgraded NextNav from a “hold” rating to a “strong sell” rating in a report on Saturday, March 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Thursday, January 22nd. UBS Group set a $25.00 price target on NextNav in a report on Thursday, April 16th. Finally, Oppenheimer upgraded NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $25.00.

NextNav Stock Down 28.3%

The company has a 50-day simple moving average of $17.16 and a two-hundred day simple moving average of $15.47. The firm has a market cap of $2.20 billion, a PE ratio of -10.53 and a beta of 0.98.

NextNav (NASDAQ:NN) last posted its quarterly earnings data on Tuesday, March 17th. The company reported ($0.13) earnings per share for the quarter, hitting the consensus estimate of ($0.13). The business had revenue of $0.95 million during the quarter, compared to analysts’ expectations of $0.86 million. As a group, equities analysts predict that NextNav Inc. will post -0.59 earnings per share for the current year.

Insiders Place Their Bets

In other NextNav news, CFO Timothy Gray sold 1,405 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $18.11, for a total value of $25,444.55. Following the transaction, the chief financial officer owned 131,786 shares of the company’s stock, valued at approximately $2,386,644.46. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sammaad Shams sold 3,945 shares of the business’s stock in a transaction on Thursday, March 26th. The stock was sold at an average price of $19.54, for a total value of $77,085.30. Following the completion of the transaction, the chief accounting officer directly owned 72,950 shares in the company, valued at approximately $1,425,443. This represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 101,133 shares of company stock worth $1,733,594 in the last ninety days. Company insiders own 7.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. lifted its position in shares of NextNav by 6.6% during the 4th quarter. Russell Investments Group Ltd. now owns 10,950 shares of the company’s stock valued at $182,000 after buying an additional 675 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of NextNav by 1.5% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,253 shares of the company’s stock valued at $733,000 after purchasing an additional 714 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of NextNav by 0.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 200,213 shares of the company’s stock valued at $3,332,000 after purchasing an additional 863 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in shares of NextNav by 347.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock valued at $37,000 after purchasing an additional 1,721 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of NextNav by 1.9% during the 3rd quarter. Alliancebernstein L.P. now owns 97,530 shares of the company’s stock valued at $1,395,000 after purchasing an additional 1,824 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.