699,814 Shares of NextNav Inc. $NN Bought by General American Investors Co. Inc.

General American Investors Co. Inc. purchased a new stake in NextNav Inc. (NASDAQ:NN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 699,814 shares of the company’s stock, valued at approximately $10,063,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in NN. Cannell & Spears LLC raised its holdings in NextNav by 0.7% during the first quarter. Cannell & Spears LLC now owns 122,851 shares of the company’s stock worth $1,961,000 after buying an additional 899 shares during the last quarter. GK Wealth Management LLC bought a new position in NextNav in the 3rd quarter valued at $29,000. KBC Group NV purchased a new stake in NextNav during the first quarter worth about $38,000. Grove Bank & Trust purchased a new stake in shares of NextNav during the 2nd quarter worth approximately $53,000. Finally, Bank of America Corp DE raised its stake in shares of NextNav by 1.2% in the first quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock valued at $4,165,000 after buying an additional 3,028 shares during the period. Institutional investors own 79.16% of the company’s stock.

Analyst Upgrades and Downgrades

NN has been the subject of several analyst reports. Zacks Research downgraded shares of NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Odeon Capital Group started coverage on shares of NextNav in a report on Monday, July 20th. They set a “buy” rating and a $22.00 price objective for the company. Wells Fargo & Company reaffirmed a “buy” rating on shares of NextNav in a research note on Monday, September 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research note on Thursday, October 15th. Finally, Wall Street Zen lowered shares of NextNav from a “hold” rating to a “sell” rating in a report on Sunday, September 27th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $32.33.

Insiders Place Their Bets

In other news, CFO Timothy Gray sold 11,099 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total value of $162,489.36. Following the completion of the transaction, the chief financial officer owned 120,687 shares of the company’s stock, valued at $1,766,857.68. This represents a 8.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel James Black sold 1,878 shares of the company’s stock in a transaction on 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 owned 89,810 shares of the company’s stock, valued at approximately $1,377,685.40. This represents a 2.05% decrease in their position. 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. In the last quarter, insiders sold 87,667 shares of company stock worth $1,331,153. Corporate insiders own 7.80% of the company’s stock.

NextNav Stock Up 7.2%

Shares of NASDAQ NN traded up $0.58 during trading on Friday, reaching $8.61. 2,590,156 shares of the company traded hands, compared to its average volume of 3,940,802. The stock has a market capitalization of $1.45 billion, a PE ratio of -8.88 and a beta of 1.20. The firm has a 50 day simple moving average of $12.83 and a 200-day simple moving average of $16.25. NextNav Inc. has a 52-week low of $7.60 and a 52-week high of $24.42.

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

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.