NextNav (NASDAQ:NN) CEO Sells 2,831 Shares of Stock

NextNav Inc. (NASDAQ:NN) CEO Mariam Sorond sold 2,831 shares of NextNav stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $14.72, for a total value of $41,672.32. Following the completion of the transaction, the chief executive officer owned 1,168,961 shares of the company’s stock, valued at approximately $17,207,105.92. This trade represents a 0.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 Thursday, September 3rd, Mariam Sorond sold 69,853 shares of NextNav stock. The shares were sold at an average price of $15.30, for a total transaction of $1,068,750.90.

NextNav Stock Performance

NextNav stock traded up $0.30 during mid-day trading on Thursday, hitting $14.92. The company’s stock had a trading volume of 1,716,443 shares, compared to its average volume of 2,149,865. NextNav Inc. has a one year low of $10.87 and a one year high of $24.42. The company has a 50 day moving average of $15.32 and a 200-day moving average of $17.48. The stock has a market cap of $2.52 billion, a PE ratio of -15.38 and a beta of 1.12.

NextNav (NASDAQ:NN) last released 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). NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. The company had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $0.92 million. On average, equities research analysts forecast that NextNav Inc. will post -0.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Sona Asset Management US LLC lifted its position in NextNav by 37.9% during the first quarter. Sona Asset Management US LLC now owns 521,477 shares of the company’s stock valued at $8,354,000 after purchasing an additional 143,349 shares during the period. Wittenberg Investment Management Inc. grew its position in NextNav by 384.2% during the 4th quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company’s stock worth $2,014,000 after purchasing an additional 96,056 shares during the period. BlueCrest Capital Management Ltd acquired a new stake in NextNav during the 2nd quarter worth about $4,012,000. Squarepoint Ops LLC raised its stake in shares of NextNav by 592.0% during the 2nd quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock valued at $2,016,000 after buying an additional 96,734 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of NextNav by 12.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company’s stock valued at $6,390,000 after buying an additional 41,004 shares during the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.

About NextNav

NextNav Inc (NASDAQ: NN) is a positioning, navigation and timing technology company that develops alternatives and complements to GPS. Its services are designed to provide accurate location and timing information in environments where GPS signals may be weak, unavailable or unreliable, including indoors and in urban areas.

The company’s primary offerings include Pinnacle, a 3D geolocation service that provides precise vertical positioning, and TerraPoiNT, a terrestrial network designed to deliver resilient positioning, navigation and timing signals.