NextNav (NASDAQ:NN) Trading Down 7.2% – Time to Sell?

NextNav Inc. (NASDAQ:NN) dropped 7.2% during mid-day trading on Friday . The stock traded as low as $13.01 and last traded at $12.8450. 1,493,913 shares changed hands during trading, a decline of 27% from the average session volume of 2,044,176 shares. The stock had previously closed at $13.84.

Analyst Ratings Changes

A number of brokerages have commented on NN. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. UBS Group set a $25.00 price target on NextNav in a report on Thursday, April 16th. Finally, Oppenheimer boosted 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. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $37.50.

NextNav Stock Performance

The firm has a fifty day simple moving average of $19.20 and a 200-day simple moving average of $17.56. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -10.79 and a beta of 1.06.

NextNav (NASDAQ:NN) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.03. The company had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.94 million. Analysts expect that NextNav Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Activity at NextNav

In related news, CEO Mariam Sorond sold 69,853 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $19.92, for a total value of $1,391,471.76. Following the transaction, the chief executive officer owned 1,244,495 shares in the company, valued at approximately $24,790,340.40. This represents a 5.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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. Also, General Counsel James S. Black sold 1,878 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $22.96, for a total transaction of $43,118.88. Following the completion of the transaction, the general counsel directly owned 91,688 shares in the company, valued at approximately $2,105,156.48. This represents a 2.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders have sold 76,567 shares of company stock worth $1,522,252. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

A number of large investors have recently made changes to their positions in NN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in NextNav by 8.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company’s stock worth $579,000 after purchasing an additional 3,543 shares during the last quarter. Goldman Sachs Group Inc. increased its position in NextNav by 34.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company’s stock worth $5,705,000 after buying an additional 120,123 shares during the period. Creative Planning increased its position in NextNav by 81.5% during the 2nd quarter. Creative Planning now owns 29,184 shares of the company’s stock worth $444,000 after buying an additional 13,109 shares during the period. JPMorgan Chase & Co. increased its position in NextNav by 33.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 61,772 shares of the company’s stock worth $939,000 after buying an additional 15,565 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of NextNav by 23.3% during the second quarter. Legal & General Group Plc now owns 68,946 shares of the company’s stock worth $1,048,000 after buying an additional 13,027 shares in the last quarter. 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.