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 firm’s stock in a transaction 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 sale, the chief accounting officer owned 70,944 shares in the company, valued at approximately $1,265,640.96. This represents a 2.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 Stock Up 3.6%

Shares of NextNav stock opened at $17.83 on Tuesday. The firm has a market cap of $2.43 billion, a PE ratio of -14.74 and a beta of 1.04. NextNav Inc. has a twelve month low of $10.87 and a twelve month high of $24.42. The business has a 50-day moving average price of $20.09 and a 200 day moving average price of $17.64.

NextNav (NASDAQ:NN) last announced its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.03. The business had revenue of $0.99 million for the quarter, compared to analyst estimates of $0.94 million. On average, sell-side analysts expect that NextNav Inc. will post -0.48 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NN. Vanguard Group Inc. grew its position in NextNav by 9.0% in the 4th quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock valued at $115,361,000 after buying an additional 573,214 shares during the last quarter. Susquehanna Advisors Group Inc. grew its position in NextNav by 1.4% during the fourth quarter. Susquehanna Advisors Group Inc. now owns 5,482,340 shares of the company’s stock worth $91,226,000 after buying an additional 74,995 shares during the period. Geode Capital Management LLC grew its holdings in shares of NextNav by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 2,268,473 shares of the company’s stock worth $37,754,000 after acquiring an additional 100,058 shares during the period. State Street Corp increased its position in shares of NextNav by 1.9% in the fourth quarter. State Street Corp now owns 2,171,877 shares of the company’s stock valued at $36,140,000 after buying an additional 40,762 shares in the last quarter. Finally, Plustick Management LLC increased its holdings in NextNav by 1.3% during the 4th quarter. Plustick Management LLC now owns 2,065,818 shares of the company’s stock valued at $34,375,000 after acquiring an additional 25,818 shares in the last quarter. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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