Key Points
- NextNav CEO Mariam Sorond sold 69,853 shares on June 1 at an average price of $19.92, generating about $1.39 million. The sale was part of a pre-arranged Rule 10b5-1 plan and was tied to tax withholding on vested equity awards.
- After the transaction, Sorond still owned 1,244,495 shares valued at roughly $24.79 million, representing a 5.31% reduction in her position. She had also sold 11,322 shares in March.
- NextNav’s stock was trading higher, opening at $21.57, while the company recently reported a smaller-than-expected quarterly loss and revenue slightly above estimates. Analysts remain mixed, with a consensus Hold rating and a $37.50 target price.
NextNav Inc. (NASDAQ:NN - Get Free Report) CEO Mariam Sorond sold 69,853 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $19.92, for a total value of $1,391,471.76. Following the completion of the sale, the chief executive officer directly owned 1,244,495 shares of the company's stock, valued at approximately $24,790,340.40. The trade was a 5.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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, March 17th, Mariam Sorond sold 11,322 shares of NextNav stock. The shares were sold at an average price of $16.85, for a total value of $190,775.70.
NextNav Trading Up 7.6%
Shares of NN stock opened at $21.57 on Thursday. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of -17.83 and a beta of 1.04. The stock has a 50-day moving average of $19.16 and a 200-day moving average of $16.94. NextNav Inc. has a 1-year low of $10.87 and a 1-year high of $24.19.
NextNav (NASDAQ:NN - Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.03. The company had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.94 million. Sell-side analysts forecast that NextNav Inc. will post -0.51 earnings per share for the current year.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on NN shares. B. Riley Financial reissued a "buy" rating on shares of NextNav in a research note on Thursday, April 23rd. Oppenheimer raised their target price on NextNav from $25.00 to $50.00 and gave the stock an "outperform" rating in a research note on Wednesday. Wall Street Zen raised NextNav from a "strong sell" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NextNav in a research note on Tuesday, April 21st. Finally, UBS Group set a $25.00 target price on NextNav in a research note on Thursday, April 16th. Two research 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. Based on data from MarketBeat, NextNav currently has a consensus rating of "Hold" and a consensus target price of $37.50.
Get Our Latest Report on NextNav
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in NN. Van ECK Associates Corp boosted its holdings in NextNav by 79.5% in the fourth quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company's stock worth $22,955,000 after acquiring an additional 611,179 shares in the last quarter. Susquehanna Advisors Group Inc. boosted its holdings in NextNav by 12.1% in the third quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company's stock worth $77,325,000 after acquiring an additional 584,804 shares in the last quarter. Vanguard Group Inc. boosted its holdings in NextNav by 9.0% in the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company's stock worth $115,361,000 after acquiring an additional 573,214 shares in the last quarter. Philosophy Capital Management LLC bought a new position in NextNav in the third quarter worth approximately $7,791,000. Finally, UBS Group AG boosted its holdings in NextNav by 35.0% in the fourth quarter. UBS Group AG now owns 1,991,825 shares of the company's stock worth $33,144,000 after acquiring an additional 516,045 shares in the last quarter. Institutional investors own 79.16% of the company's stock.
NextNav Company Profile
(
Get Free Report)
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.
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