NextNav (NASDAQ:NN) General Counsel James Black Sells 1,878 Shares of Stock

NextNav Inc. (NASDAQ:NN) General Counsel James Black sold 1,878 shares of NextNav stock in a transaction 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 transaction, the general counsel owned 89,810 shares in the company, valued at approximately $1,377,685.40. The trade was a 2.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 2.0%

NN stock traded down $0.30 during midday trading on Wednesday, hitting $14.62. The company had a trading volume of 1,874,169 shares, compared to its average volume of 2,176,646. The stock’s 50 day moving average price is $15.36 and its 200 day moving average price is $17.49. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of -15.07 and a beta of 1.12. NextNav Inc. has a 52 week low of $10.87 and a 52 week high of $24.42.

NextNav (NASDAQ:NN) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $0.92 million. Analysts predict that NextNav Inc. will post -0.46 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlueCrest Capital Management Ltd purchased a new position in shares of NextNav during the second quarter valued at approximately $4,012,000. Squarepoint Ops LLC boosted its holdings in NextNav by 592.0% in the second quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock worth $2,016,000 after purchasing an additional 96,734 shares during the last quarter. Corient Private Wealth LP grew its position in NextNav by 66.7% in the 2nd quarter. Corient Private Wealth LP now owns 30,975 shares of the company’s stock worth $552,000 after purchasing an additional 12,393 shares during the period. Grove Bank & Trust bought a new stake in NextNav in the 2nd quarter worth approximately $53,000. Finally, Bank of America Corp DE raised its stake in NextNav by 1.2% during the 1st quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock valued at $4,165,000 after buying an additional 3,028 shares during the last quarter. 79.16% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NN. Zacks Research downgraded NextNav from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Oppenheimer lifted their price target on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Wall Street Zen cut shares of NextNav from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. Finally, Odeon Capital Group began coverage on shares of NextNav in a report on Monday, July 20th. They issued a “buy” rating and a $22.00 target price for the company. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $32.33.

About NextNav

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.