NextNav (NASDAQ:NN) Shares Down 6.3% – What’s Next?

NextNav Inc. (NASDAQ:NN)’s stock price was down 6.3% during mid-day trading on Wednesday . The stock traded as low as $13.95 and last traded at $13.95. Approximately 114,623 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 839,289 shares. The stock had previously closed at $14.89.

Wall Street Analysts Forecast Growth

Separately, B. Riley upped their target price on shares of NextNav from $12.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday.

NextNav Stock Performance

The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -18.87 and a beta of 0.94. The company has a current ratio of 5.93, a quick ratio of 5.93 and a debt-to-equity ratio of 0.80. The stock has a 50-day simple moving average of $9.27 and a 200-day simple moving average of $8.36.

Insider Buying and Selling

In other news, Director Neil S. Subin bought 125,000 shares of NextNav stock in a transaction on Monday, August 26th. The shares were bought at an average price of $6.93 per share, with a total value of $866,250.00. Following the acquisition, the director now directly owns 2,490,213 shares in the company, valued at approximately $17,257,176.09. This represents a 5.28 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On NextNav

A number of hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC acquired a new stake in shares of NextNav during the 2nd quarter worth approximately $50,000. Principal Financial Group Inc. acquired a new stake in NextNav in the second quarter worth $82,000. Quest Partners LLC acquired a new position in shares of NextNav during the second quarter valued at $88,000. King Luther Capital Management Corp acquired a new position in shares of NextNav during the third quarter valued at $90,000. Finally, Wolverine Asset Management LLC grew its position in shares of NextNav by 323.6% during the second quarter. Wolverine Asset Management LLC now owns 12,106 shares of the company’s stock worth $98,000 after acquiring an additional 9,248 shares during the last quarter. Institutional investors and hedge funds own 79.16% of the company’s stock.

About NextNav

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.