NextNav (NASDAQ:NN) Sets New 52-Week Low – Here’s Why

Shares of NextNav Inc. (NASDAQ:NN) hit a new 52-week low on Wednesday. The company traded as low as $10.62 and last traded at $10.81, with a volume of 225,308 shares. The stock had previously closed at $11.31.

Analysts Set New Price Targets

Several research analysts have issued reports on NN shares. Clear Str upgraded NextNav to a “strong-buy” rating in a research report on Monday, September 21st. Odeon Capital Group began 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. Wells Fargo & Company reissued a “buy” rating on shares of NextNav in a research note on Monday, September 21st. Wall Street Zen cut NextNav from a “hold” rating to a “sell” rating in a report on Sunday, September 27th. Finally, Zacks Research lowered NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.33.

NextNav Stock Down 2.5%

The company has a market cap of $1.86 billion, a PE ratio of -11.32 and a beta of 1.16. The stock’s 50 day simple moving average is $15.31 and its two-hundred day simple moving average is $17.01.

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

Insider Buying and Selling at NextNav

In other NextNav news, CFO Timothy Gray sold 11,099 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $14.64, for a total transaction of $162,489.36. Following the completion of the sale, the chief financial officer directly owned 120,687 shares in the company, valued at $1,766,857.68. The trade was a 8.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mariam Sorond sold 69,853 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the sale, the chief executive officer directly owned 1,171,792 shares of the company’s stock, valued at approximately $17,928,417.60. This trade represents a 5.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold a total of 87,667 shares of company stock valued at $1,331,153 over the last ninety days. Corporate insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

A number of institutional investors have recently added to or reduced their stakes in NN. Steel Grove Capital Advisors LLC acquired a new position in shares of NextNav in the third quarter worth about $344,000. GK Wealth Management LLC purchased a new position in shares of NextNav during the 3rd quarter valued at approximately $29,000. State Street Corp boosted its stake in shares of NextNav by 4.8% during the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company’s stock valued at $41,780,000 after buying an additional 108,338 shares during the last quarter. BlueCrest Capital Management Ltd acquired a new stake in shares of NextNav during the second quarter worth approximately $4,012,000. Finally, Squarepoint Ops LLC grew its position in shares of NextNav by 592.0% during the second quarter. Squarepoint Ops LLC now owns 113,073 shares of the company’s stock worth $2,016,000 after buying an additional 96,734 shares in the last quarter. Institutional investors and hedge funds own 79.16% of the company’s stock.

NextNav Company Profile

NextNav Inc develops positioning, navigation and timing technologies designed to provide accurate location information where traditional GPS may be unavailable, unreliable or insufficient. The company’s solutions are intended to support applications that require precise two-dimensional and three-dimensional geolocation, including public safety, wireless communications, mapping, transportation and critical infrastructure.

Its Pinnacle platform provides nationwide vertical-location services, enabling devices and networks to determine elevation or floor level in addition to latitude and longitude.