Key Points
- NextNav CFO Timothy Gray sold 11,099 shares for approximately $162,489 at an average price of $14.64. The sale covered tax withholding obligations tied to vested equity awards and reduced his position by 8.42%.
- NextNav shares opened at $14.38, below their 50-day and 200-day moving averages of $15.32 and $17.40, respectively. The company recently missed quarterly EPS expectations, reporting a $0.24 loss per share versus a forecasted $0.16 loss.
- Institutional investors own 79.16% of NextNav, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $32.33.
NextNav Inc. (NASDAQ:NN - Get Free Report) CFO Timothy Gray sold 11,099 shares of the business's stock in a transaction 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 transaction, the chief financial officer owned 120,687 shares in the company, valued at approximately $1,766,857.68. The trade was a 8.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
NextNav Trading Down 0.5%
Shares of NN opened at $14.38 on Friday. The firm's fifty day simple moving average is $15.32 and its two-hundred day simple moving average is $17.40. NextNav Inc. has a 12 month low of $10.87 and a 12 month high of $24.42. The stock has a market capitalization of $2.43 billion, a P/E ratio of -14.82 and a beta of 1.12.
NextNav (NASDAQ:NN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The business had revenue of $1.15 million during the quarter, compared to the consensus estimate 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 predict that NextNav Inc. will post -0.46 EPS for the current fiscal year.
Institutional Investors Weigh In On NextNav
Several hedge funds and other institutional investors have recently modified their holdings of NN. BlueCrest Capital Management Ltd acquired a new position in shares of NextNav during the second quarter worth approximately $4,012,000. Sona Asset Management US LLC grew its position 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 during the period. State Street Corp increased its stake in 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 purchasing an additional 108,338 shares in the last quarter. Squarepoint Ops LLC increased its stake in NextNav by 592.0% during the 2nd quarter. Squarepoint Ops LLC now owns 113,073 shares of the company's stock valued at $2,016,000 after purchasing an additional 96,734 shares in the last quarter. Finally, Wittenberg Investment Management Inc. raised its holdings in NextNav by 384.2% during the fourth quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company's stock worth $2,014,000 after buying an additional 96,056 shares during the last quarter. Institutional investors own 79.16% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Odeon Capital Group started coverage on NextNav in a report on Monday, July 20th. They issued a "buy" rating and a $22.00 target price for the company. Clear Str upgraded NextNav to a "strong-buy" rating in a report on Monday, September 21st. Zacks Research downgraded shares of NextNav from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 20th. Wells Fargo & Company reiterated a "buy" rating on shares of NextNav in a research note on Monday. Finally, Wall Street Zen upgraded shares of NextNav from a "sell" rating to a "hold" rating in a research report on Saturday, September 19th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $32.33.
View Our Latest Research Report on NN
About NextNav
(
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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