NextNav (NASDAQ:NN) Sets New 1-Year Low – Time to Sell?

NextNav Inc. (NASDAQ:NN) hit a new 52-week low on Tuesday. The company traded as low as $9.52 and last traded at $9.57, with a volume of 2,389,261 shares changing hands. The stock had previously closed at $9.59.

Analysts Set New Price Targets

Several equities research analysts have weighed in on NN shares. Odeon Capital Group assumed coverage on NextNav in a report on Monday, July 20th. They issued a “buy” rating and a $22.00 target price for the company. Zacks Research lowered NextNav from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 20th. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a research note on Thursday, October 15th. Clear Str upgraded NextNav to a “strong-buy” rating in a report on Monday, September 21st. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of NextNav in a research note on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.33.

NextNav Stock Down 0.2%

The business has a 50-day moving average price of $14.54 and a 200-day moving average price of $16.73. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -9.89 and a beta of 1.16.

NextNav (NASDAQ:NN) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The business had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $0.92 million. NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. On average, equities research analysts forecast that NextNav Inc. will post -0.46 earnings per share for the current year.

Insider Activity at NextNav

In related news, General Counsel James Black sold 1,878 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $15.34, for a total transaction of $28,808.52. Following the transaction, the general counsel directly owned 89,810 shares of the company’s stock, valued at $1,377,685.40. This represents a 2.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 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, CEO Mariam Sorond sold 69,853 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $15.30, for a total value of $1,068,750.90. Following the completion of the sale, the chief executive officer owned 1,171,792 shares of the company’s stock, valued at approximately $17,928,417.60. This trade represents a 5.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 have sold 87,667 shares of company stock valued at $1,331,153 in the last ninety days. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

Several hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC purchased a new position in shares of NextNav in the 3rd quarter valued at approximately $147,000. Steel Grove Capital Advisors LLC acquired a new stake in NextNav in the 3rd quarter worth approximately $344,000. GK Wealth Management LLC purchased a new stake in NextNav during the 3rd quarter worth approximately $29,000. State Street Corp grew its position in NextNav by 4.8% during the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company’s stock worth $41,780,000 after purchasing an additional 108,338 shares during the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new stake in NextNav during the 2nd quarter worth approximately $4,012,000. Institutional investors and hedge funds own 79.16% of the company’s stock.

About NextNav

NextNav Inc (NASDAQ:NN) develops positioning, navigation and timing technologies designed to provide reliable location information in environments where traditional GPS and satellite-based systems may be unavailable, inaccurate or vulnerable to disruption. The company’s services are intended for applications in communications, public safety, transportation, logistics, mapping and other industries that rely on precise location and timing data.

NextNav’s primary products include Pinnacle, a terrestrial network that provides three-dimensional positioning, including accurate altitude information, and TerraPoiNT, a terrestrial positioning, navigation and timing system designed to complement or serve as an alternative to GPS.