NextNav (NASDAQ:NN) General Counsel James Black Sells 1,878 Shares of Stock

NextNav Inc. (NASDAQ:NN) General Counsel James Black sold 1,878 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $22.96, for a total value of $43,118.88. Following the completion of the sale, the general counsel directly owned 91,688 shares of the company’s stock, valued at approximately $2,105,156.48. This trade represents a 2.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Down 3.1%

Shares of NextNav stock opened at $18.92 on Wednesday. The stock has a market cap of $2.58 billion, a PE ratio of -15.64 and a beta of 1.04. The business has a fifty day simple moving average of $19.89 and a 200-day simple moving average of $17.48. NextNav Inc. has a 12 month low of $10.87 and a 12 month high of $24.42.

NextNav (NASDAQ:NN) last issued 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 business had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.94 million. Analysts expect that NextNav Inc. will post -0.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NN has been the subject of several recent research reports. B. Riley Financial reiterated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Oppenheimer increased their price objective on NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, UBS Group set a $25.00 price objective on NextNav in a report on Thursday, April 16th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $37.50.

Hedge Funds Weigh In On NextNav

Several institutional investors have recently bought and sold shares of NN. Caitong International Asset Management Co. Ltd grew its position in shares of NextNav by 347.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock valued at $37,000 after purchasing an additional 1,721 shares during the last quarter. KBC Group NV acquired a new stake in shares of NextNav in the first quarter valued at about $38,000. Clearstead Advisors LLC acquired a new stake in shares of NextNav in the third quarter valued at about $52,000. Kemnay Advisory Services Inc. acquired a new stake in shares of NextNav in the fourth quarter valued at about $97,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of NextNav in the fourth quarter valued at about $109,000. 79.16% of the stock is currently 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.