James Black Sells 1,878 Shares of NextNav (NASDAQ:NN) Stock

NextNav Inc. (NASDAQ:NN) General Counsel James Black sold 1,878 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $22.96, for a total value of $43,118.88. Following the transaction, the general counsel directly owned 91,688 shares in the company, valued at $2,105,156.48. This trade represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 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.

NextNav Stock Performance

Shares of NASDAQ NN traded down $0.61 during trading hours on Tuesday, hitting $18.92. The company’s stock had a trading volume of 3,026,303 shares, compared to its average volume of 2,487,313. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of -15.64 and a beta of 1.04. NextNav Inc. has a 12 month low of $10.87 and a 12 month high of $24.42. The business has a 50-day simple moving average of $19.89 and a 200-day simple moving average of $17.48.

NextNav (NASDAQ:NN) last posted its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.03. The business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.94 million. On average, equities research analysts forecast that NextNav Inc. will post -0.5 EPS for the current year.

Institutional Trading of NextNav

Hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd lifted its stake in NextNav by 347.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock worth $37,000 after purchasing an additional 1,721 shares in the last quarter. KBC Group NV purchased a new stake in NextNav in the 1st quarter worth $38,000. Clearstead Advisors LLC purchased a new stake in NextNav in the 3rd quarter worth $52,000. Kemnay Advisory Services Inc. purchased a new stake in NextNav in the 4th quarter worth $97,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of NextNav in the 4th quarter worth about $109,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. UBS Group set a $25.00 price target on shares of NextNav in a research report on Thursday, April 16th. B. Riley Financial reaffirmed a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Wall Street Zen raised shares of NextNav from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Oppenheimer lifted their price target on shares of NextNav from $25.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, NextNav presently has an average rating of “Hold” and an average price target of $37.50.

NextNav Company Profile

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.