NextNav (NASDAQ:NN) Stock Price Down 6% – Time to Sell?
by Teresa Graham · The Cerbat GemShares of NextNav Inc. (NASDAQ:NN – Get Free Report) dropped 6% on Wednesday . The company traded as low as $21.45 and last traded at $21.6440. Approximately 1,243,261 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 1,921,350 shares. The stock had previously closed at $23.02.
Analysts Set New Price Targets
NN has been the subject of a number of analyst reports. Oppenheimer upgraded NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. UBS Group set a $25.00 price objective on NextNav in a research report on Thursday, April 16th. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Finally, Wall Street Zen raised NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. 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. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $25.00.
View Our Latest Research Report on NextNav
NextNav Trading Down 4.3%
The firm has a market cap of $2.91 billion, a P/E ratio of -17.69 and a beta of 1.03. The business has a 50-day moving average of $18.98 and a two-hundred day moving average of $16.71.
NextNav (NASDAQ:NN – Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.03. The company had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.94 million. As a group, equities analysts expect that NextNav Inc. will post -0.52 EPS for the current year.
Insider Transactions at NextNav
In related news, CAO Sammaad Shams sold 3,945 shares of the company’s stock in a transaction that occurred on Thursday, March 26th. The stock was sold at an average price of $19.54, for a total transaction of $77,085.30. Following the transaction, the chief accounting officer directly owned 72,950 shares of the company’s stock, valued at approximately $1,425,443. This represents a 5.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mariam Sorond sold 69,853 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $16.91, for a total value of $1,181,214.23. Following the sale, the chief executive officer directly owned 1,270,946 shares of the company’s stock, valued at $21,491,696.86. This represents a 5.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 101,133 shares of company stock valued at $1,733,594 in the last 90 days. Corporate insiders own 7.80% of the company’s stock.
Hedge Funds Weigh In On NextNav
Several institutional investors have recently modified their holdings of NN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in NextNav by 8.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company’s stock valued at $579,000 after purchasing an additional 3,543 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in NextNav by 34.5% in the first quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company’s stock valued at $5,705,000 after purchasing an additional 120,123 shares during the last quarter. Creative Planning lifted its stake in NextNav by 81.5% in the second quarter. Creative Planning now owns 29,184 shares of the company’s stock valued at $444,000 after purchasing an additional 13,109 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in NextNav by 33.7% in the second quarter. JPMorgan Chase & Co. now owns 61,772 shares of the company’s stock valued at $939,000 after purchasing an additional 15,565 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in NextNav by 23.3% in the second quarter. Legal & General Group Plc now owns 68,946 shares of the company’s stock valued at $1,048,000 after purchasing an additional 13,027 shares during the last quarter. 79.16% of the stock is owned by institutional investors.
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.