Insider Selling: NextNav (NASDAQ:NN) CEO Sells $51,873.90 in Stock

NextNav Inc. (NASDAQ:NN) CEO Mariam Sorond sold 2,830 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.33, for a total value of $51,873.90. Following the completion of the transaction, the chief executive officer directly owned 1,241,665 shares of the company’s stock, valued at approximately $22,759,719.45. This trade represents a 0.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.

Mariam Sorond also recently made the following trade(s):

• On Monday, June 1st, Mariam Sorond sold 69,853 shares of NextNav stock. The shares were sold at an average price of $19.92, for a total value of $1,391,471.76.

NextNav Price Performance

NN stock opened at $18.18 on Friday. NextNav Inc. has a 1-year low of $10.87 and a 1-year high of $24.42. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -15.02 and a beta of 1.04. The business has a 50 day simple moving average of $20.06 and a two-hundred day simple moving average of $17.54.

NextNav (NASDAQ:NN) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.03. The company had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.94 million. Sell-side analysts anticipate that NextNav Inc. will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On NextNav

A number of large investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd raised its position in NextNav by 347.0% in 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 during the period. KBC Group NV purchased a new position in shares of NextNav during the first quarter valued at approximately $38,000. Clearstead Advisors LLC purchased a new position in shares of NextNav during the third quarter valued at approximately $52,000. Kemnay Advisory Services Inc. bought a new position in shares of NextNav during the fourth quarter valued at approximately $97,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of NextNav during the fourth quarter valued at approximately $109,000. 79.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on NN. UBS Group set a $25.00 price target on NextNav in a report on Thursday, April 16th. Oppenheimer increased their target price on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. B. Riley Financial restated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Wall Street Zen raised shares of NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price 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.