Mariam Sorond Sells 69,853 Shares of NextNav (NASDAQ:NN) Stock

NextNav Inc. (NASDAQ:NN) CEO Mariam Sorond sold 69,853 shares of NextNav 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 directly owned 1,244,495 shares in the company, valued at approximately $24,790,340.40. This trade represents a 5.31% decrease in their position. The transaction 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.

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

• On Tuesday, March 17th, Mariam Sorond sold 11,322 shares of NextNav stock. The shares were sold at an average price of $16.85, for a total value of $190,775.70.

NextNav Price Performance

Shares of NextNav stock opened at $23.59 on Friday. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of -19.50 and a beta of 1.04. NextNav Inc. has a 52-week low of $10.87 and a 52-week high of $24.42. The stock has a 50-day simple moving average of $19.26 and a 200-day simple moving average of $17.02.

NextNav (NASDAQ:NN) last announced its quarterly earnings results 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 firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.94 million. As a group, equities research analysts predict that NextNav Inc. will post -0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on NN shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. UBS Group set a $25.00 price target on NextNav in a report on Thursday, April 16th. B. Riley Financial reiterated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Oppenheimer lifted their price target on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a 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’s stock. According to MarketBeat, NextNav currently has a consensus rating of “Hold” and an average target price of $37.50.

Institutional Trading of NextNav

A number of institutional investors and hedge funds have recently modified their holdings of NN. Caitong International Asset Management Co. Ltd raised its stake 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 in the last quarter. KBC Group NV acquired a new position in shares of NextNav in the first quarter valued at $38,000. Clearstead Advisors LLC acquired a new position in shares of NextNav in the third quarter valued at $52,000. Kemnay Advisory Services Inc. acquired a new position in shares of NextNav in the fourth quarter valued at $97,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of NextNav in the fourth quarter valued at $109,000. 79.16% of the stock is currently owned by institutional investors.

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.