NextNav (NASDAQ:NN) Trading Down 6.8% – Time to Sell?

NextNav Inc. (NASDAQ:NN) traded down 6.8% during trading on Monday . The company traded as low as $16.37 and last traded at $16.35. Approximately 807,169 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 2,212,302 shares. The stock had previously closed at $17.55.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NN shares. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. Odeon Capital Group assumed coverage on NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 target price on the stock. Oppenheimer boosted their target price on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Wall Street Zen upgraded NextNav from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Zacks Research lowered NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $32.33.

NextNav Stock Performance

The company has a market capitalization of $2.65 billion, a PE ratio of -16.15 and a beta of 1.10. The company’s 50-day simple moving average is $16.00 and its 200-day simple moving average is $17.59.

NextNav (NASDAQ:NN) last announced its earnings results on Tuesday, August 11th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.08). NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%.The business had revenue of $1.15 million for the quarter, compared to analyst estimates of $0.92 million. Analysts expect that NextNav Inc. will post -0.51 EPS for the current year.

Insider Transactions at NextNav

In other NextNav news, CEO Mariam Sorond sold 2,830 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.33, for a total value of $51,873.90. Following the transaction, the chief executive officer directly owned 1,241,665 shares of the company’s stock, valued at approximately $22,759,719.45. The trade was a 0.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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, CAO Sammaad Shams sold 2,006 shares of the company’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $17.84, for a total transaction of $35,787.04. Following the transaction, the chief accounting officer owned 70,944 shares of the company’s stock, valued at approximately $1,265,640.96. The trade was a 2.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold 76,567 shares of company stock worth $1,522,252 over the last 90 days. 7.80% of the stock is currently owned by insiders.

Institutional Trading of NextNav

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in NextNav by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock worth $115,361,000 after acquiring an additional 573,214 shares during the period. UBS Group AG boosted its position in shares of NextNav by 35.0% during the 4th quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock worth $33,144,000 after purchasing an additional 516,045 shares in the last quarter. Sona Asset Management US LLC grew its stake in shares of NextNav by 37.9% during the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock worth $8,354,000 after purchasing an additional 143,349 shares during the period. Wittenberg Investment Management Inc. grew its stake in shares of NextNav by 384.2% during the 4th quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company’s stock worth $2,014,000 after purchasing an additional 96,056 shares during the period. Finally, Commonwealth Equity Services LLC increased its holdings in shares of NextNav by 12.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company’s stock valued at $6,390,000 after purchasing an additional 41,004 shares in the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.

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.