NextNav (NASDAQ:NN) CEO Sells $1,068,750.90 in Stock

NextNav Inc. (NASDAQ:NN) CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the transaction, the chief executive officer directly owned 1,171,792 shares of the company’s stock, valued at $17,928,417.60. This represents a 5.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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.

Mariam Sorond also recently made the following trade(s):

• On Tuesday, June 16th, Mariam Sorond sold 2,830 shares of NextNav stock. The stock was sold at an average price of $18.33, for a total value of $51,873.90.

NextNav Price Performance

NASDAQ NN opened at $15.18 on Friday. The firm has a market cap of $2.56 billion, a PE ratio of -15.65 and a beta of 1.12. NextNav Inc. has a one year low of $10.87 and a one year high of $24.42. The stock’s 50 day simple moving average is $15.69 and its 200 day simple moving average is $17.57.

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

Analysts Set New Price Targets

NN has been the topic of several research reports. Wall Street Zen downgraded shares of NextNav from a “hold” rating to a “sell” rating in a research report on Saturday, August 29th. Oppenheimer raised their price objective on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Odeon Capital Group initiated coverage on shares of NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. Finally, Zacks Research lowered shares of NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $32.33.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Corient Private Wealth LP raised its stake in shares of NextNav by 66.7% during the second quarter. Corient Private Wealth LP now owns 30,975 shares of the company’s stock worth $552,000 after buying an additional 12,393 shares during the last quarter. California State Teachers Retirement System lifted its holdings in NextNav by 1,457.0% in the second quarter. California State Teachers Retirement System now owns 1,515,710 shares of the company’s stock valued at $27,025,000 after buying an additional 1,418,363 shares during the period. Grove Bank & Trust bought a new position in NextNav in the second quarter valued at approximately $53,000. Bank of America Corp DE grew its holdings in NextNav by 1.2% during the 1st quarter. Bank of America Corp DE now owns 260,018 shares of the company’s stock worth $4,165,000 after acquiring an additional 3,028 shares during the period. Finally, Amundi grew its holdings in NextNav by 7.5% during the 1st quarter. Amundi now owns 43,703 shares of the company’s stock worth $700,000 after acquiring an additional 3,043 shares during the period. Institutional investors own 79.16% of the company’s stock.

About NextNav

NextNav, Inc is a provider of advanced 3D geolocation infrastructure and positioning services in the United States. The company operates a nationwide network designed to deliver real-time horizontal and vertical location data for consumer, enterprise and public safety applications. By leveraging spectrum holdings in the 900 MHz band, NextNav’s network offers precise altitude and position information that complements GPS and other satellite systems, particularly in urban canyons, indoors or underground environments where traditional signals struggle.

At the core of NextNav’s offering is its TerraPoiNT platform, which enables developers, carriers and emergency response centers to integrate high-accuracy vertical location into their applications and workflows.