Key Points
- CEO Mariam Sorond sold 2,831 NextNav shares for $41,672 at an average price of $14.72, reducing her stake by 0.24% to 1,168,961 shares. The transaction was conducted under a Rule 10b5-1 plan to cover tax withholding on vested equity awards.
- NextNav shares opened at $14.92, while the company recently reported a quarterly loss of $0.24 per share, missing estimates, despite revenue of $1.15 million exceeding expectations.
- Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $32.33; institutional investors own approximately 79.16% of the company.
NextNav Inc. (NASDAQ:NN - Get Free Report) CEO Mariam Sorond sold 2,831 shares of NextNav stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total value of $41,672.32. Following the sale, 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 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.
Mariam Sorond also recently made the following trade(s):
- On Thursday, September 3rd, Mariam Sorond sold 69,853 shares of NextNav stock. The stock was sold at an average price of $15.30, for a total transaction of $1,068,750.90.
NextNav Stock Up 2.1%
Shares of NN stock opened at $14.92 on Friday. The firm has a market cap of $2.52 billion, a P/E ratio of -15.38 and a beta of 1.12. The business has a 50-day moving average price of $15.32 and a two-hundred day moving average price of $17.48. NextNav Inc. has a 12-month low of $10.87 and a 12-month high of $24.42.
NextNav (NASDAQ:NN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The business had revenue of $1.15 million for the quarter, compared to analysts' expectations of $0.92 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%. As a group, research analysts expect that NextNav Inc. will post -0.46 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of research analysts have commented on the company. Zacks Research lowered NextNav from a "strong-buy" rating to a "hold" rating in a research 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. Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a research report on Friday, July 17th. Oppenheimer increased their price objective on NextNav from $25.00 to $50.00 and gave the stock an "outperform" rating in a report on Wednesday, June 3rd. Finally, Odeon Capital Group assumed coverage on shares of NextNav in a report on Monday, July 20th. They set a "buy" rating and a $22.00 target price on the stock. Three 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. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $32.33.
Check Out Our Latest Report on NN
Hedge Funds Weigh In On NextNav
Several large investors have recently modified their holdings of NN. Sona Asset Management US LLC boosted its stake in NextNav by 37.9% in the 1st quarter. Sona Asset Management US LLC now owns 521,477 shares of the company's stock worth $8,354,000 after purchasing an additional 143,349 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of NextNav by 12.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company's stock worth $6,390,000 after buying an additional 41,004 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of NextNav by 3.8% during the first quarter. First Trust Advisors LP now owns 296,391 shares of the company's stock valued at $4,748,000 after buying an additional 10,761 shares during the last quarter. Bank of America Corp DE lifted its position in NextNav by 1.2% in the 1st quarter. Bank of America Corp DE now owns 260,018 shares of the company's stock valued at $4,165,000 after acquiring an additional 3,028 shares in the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new stake in NextNav during the 2nd quarter valued at $4,012,000. Hedge funds and other institutional investors own 79.16% of the company's stock.
NextNav Company Profile
(
Get Free Report)
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.
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