Insider Selling: NextNav (NASDAQ:NN) CAO Sells $35,787.04 in Stock

NextNav Inc. (NASDAQ:NN) CAO Sammaad Shams sold 2,006 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $17.84, for a total transaction of $35,787.04. Following the completion of the transaction, the chief accounting officer directly owned 70,944 shares of the company’s stock, valued at approximately $1,265,640.96. This represents a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Stock Performance

Shares of NASDAQ NN opened at $17.83 on Tuesday. The firm has a market cap of $2.43 billion, a P/E ratio of -14.74 and a beta of 1.04. NextNav Inc. has a 1 year low of $10.87 and a 1 year high of $24.42. The firm’s 50 day moving average price is $20.09 and its 200 day moving average price is $17.64.

NextNav (NASDAQ:NN) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.03. The business had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $0.94 million. As a group, equities analysts predict that NextNav Inc. will post -0.48 EPS for the current year.

Institutional Trading of NextNav

Institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd increased its position in NextNav by 347.0% during the 4th 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 stake in NextNav during the first quarter worth approximately $38,000. Clearstead Advisors LLC acquired a new stake in shares of NextNav in the third quarter worth $52,000. Kemnay Advisory Services Inc. purchased a new position in shares of NextNav in the 4th quarter valued at $97,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of NextNav during the 4th quarter valued at $109,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Oppenheimer upped their price target on shares of 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 raised shares of NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. UBS Group set a $25.00 price target on shares of NextNav in a report on Thursday, April 16th. Finally, B. Riley Financial reissued a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $37.50.

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.