NextNav (NASDAQ:NN) Sets New 12-Month Low – Here’s What Happened

Shares of NextNav Inc. (NASDAQ:NN) hit a new 52-week low on Thursday. The stock traded as low as $10.77 and last traded at $11.0110, with a volume of 2662518 shares trading hands. The stock had previously closed at $12.71.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wall Street Zen cut shares of NextNav from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. Odeon Capital Group initiated coverage on shares of NextNav in a research report on Monday, July 20th. They issued a “buy” rating and a $22.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research note on Friday, July 17th. Zacks Research lowered shares of NextNav from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 20th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of NextNav in a research note on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.

NextNav Stock Performance

The company has a market cap of $1.86 billion, a price-to-earnings ratio of -11.37 and a beta of 1.16. The stock’s fifty day simple moving average is $15.45 and its two-hundred day simple moving average is $17.21.

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 predict that NextNav Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling at NextNav

In other news, CFO Timothy Gray sold 11,099 shares of NextNav 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 transaction, the chief financial officer directly owned 120,687 shares of the company’s stock, valued at $1,766,857.68. The trade was a 8.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mariam Sorond sold 2,831 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $14.72, for a total transaction of $41,672.32. Following the sale, the chief executive officer directly 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. 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. Over the last 90 days, insiders sold 87,667 shares of company stock valued at $1,331,153. Company insiders own 7.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp raised its stake in shares of NextNav by 4.8% in the 2nd quarter. State Street Corp now owns 2,343,255 shares of the company’s stock valued at $41,780,000 after acquiring an additional 108,338 shares during the period. Sona Asset Management US LLC increased its holdings in NextNav by 37.9% in the 1st 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 in the last quarter. First Trust Advisors LP increased its holdings in NextNav by 3.8% in the 1st quarter. First Trust Advisors LP now owns 296,391 shares of the company’s stock valued at $4,748,000 after purchasing an additional 10,761 shares in the last quarter. Bank of America Corp DE raised its position in 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 purchasing an additional 3,028 shares during the period. Finally, BlueCrest Capital Management Ltd purchased a new position in NextNav in the second quarter valued at about $4,012,000. 79.16% of the stock is owned by institutional investors and hedge funds.

About NextNav

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.