NextNav (NASDAQ:NN) Shares Down 6.7% – Here’s Why

NextNav Inc. (NASDAQ:NN)’s share price dropped 6.7% during mid-day trading on Wednesday . The company traded as low as $12.49 and last traded at $12.72. Approximately 212,957 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 2,346,180 shares. The stock had previously closed at $13.64.

Wall Street Analyst Weigh In

Separately, B. Riley lifted their price objective on NextNav from $12.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th.

NextNav Trading Down 4.5 %

The company has a current ratio of 5.01, a quick ratio of 5.01 and a debt-to-equity ratio of 0.81. The business has a 50 day moving average price of $15.51 and a 200-day moving average price of $10.62. The company has a market cap of $1.70 billion, a P/E ratio of -17.37 and a beta of 1.17.

Insider Buying and Selling at NextNav

In other news, SVP Arun Raghupathy sold 3,332 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $18.32, for a total value of $61,042.24. Following the completion of the sale, the senior vice president now owns 1,087,019 shares of the company’s stock, valued at approximately $19,914,188.08. The trade was a 0.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mariam Sorond sold 200,000 shares of NextNav stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $16.40, for a total transaction of $3,280,000.00. Following the completion of the sale, the chief executive officer now owns 1,574,117 shares of the company’s stock, valued at $25,815,518.80. This trade represents a 11.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 209,367 shares of company stock worth $3,442,705 over the last ninety days. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in NextNav by 47.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 217,143 shares of the company’s stock worth $1,761,000 after purchasing an additional 70,343 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in shares of NextNav during the 2nd quarter valued at $82,000. CIBC Asset Management Inc increased its holdings in NextNav by 19.0% in the 2nd quarter. CIBC Asset Management Inc now owns 19,652 shares of the company’s stock worth $159,000 after purchasing an additional 3,140 shares in the last quarter. Rhumbline Advisers raised its position in NextNav by 27.8% in the second quarter. Rhumbline Advisers now owns 95,536 shares of the company’s stock valued at $775,000 after purchasing an additional 20,796 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of NextNav during the second quarter worth about $88,000. 79.16% of the stock is owned by institutional investors.

NextNav Company Profile

NextNav Inc provides next generation positioning, navigation, and timing (PNT) solutions in the United States. It offers Pinnacle, a dedicated vertical positioning network to cover entire metropolitan areas including devices equipped with a barometric pressure sensor with the highest quality wide-area altitude service.