NextNav (NASDAQ:NN) Shares Up 6.7% – Here’s What Happened

Shares of NextNav Inc. (NASDAQ:NN) were up 6.7% on Thursday . The company traded as high as $16.01 and last traded at $15.92. Approximately 119,245 shares traded hands during trading, a decline of 87% from the average daily volume of 896,740 shares. The stock had previously closed at $14.92.

Wall Street Analysts Forecast Growth

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

NextNav Stock Up 11.7 %

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 company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -22.23 and a beta of 1.13. The company has a 50-day moving average of $14.37 and a 200-day moving average of $10.06.

Insider Activity

In other NextNav news, SVP Arun Raghupathy sold 3,332 shares of the firm’s stock in a transaction that occurred on 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 transaction, the senior vice president now owns 1,087,019 shares of the company’s stock, valued at $19,914,188.08. This trade represents a 0.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mariam Sorond sold 200,000 shares of NextNav stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $16.40, for a total value of $3,280,000.00. Following the completion of the transaction, the chief executive officer now owns 1,574,117 shares of the company’s stock, valued at approximately $25,815,518.80. This trade represents a 11.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 209,367 shares of company stock worth $3,442,705 over the last three months. 15.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NN. nVerses Capital LLC purchased a new stake in shares of NextNav in the second quarter valued at about $50,000. Principal Financial Group Inc. acquired a new position in NextNav in the 2nd quarter worth $82,000. Quest Partners LLC acquired a new stake in NextNav in the second quarter valued at $88,000. King Luther Capital Management Corp bought a new position in NextNav during the 3rd quarter worth $90,000. Finally, Wolverine Asset Management LLC raised its stake in shares of NextNav by 323.6% in the 2nd quarter. Wolverine Asset Management LLC now owns 12,106 shares of the company’s stock worth $98,000 after buying an additional 9,248 shares in the last quarter. 79.16% of the stock is owned by hedge funds and other institutional investors.

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.