699,814 Shares in NextNav Inc. $NN Purchased by General American Investors Co. Inc.

Key Points

• General American Investors acquired 699,814 NextNav shares in the third quarter, worth about $10.1 million and representing approximately 0.41% of the company.
• NextNav reported a quarterly loss of $0.24 per share, wider than analysts’ expected $0.16 loss, although revenue of $1.15 million exceeded estimates.
• The shares traded at $8.61, near their one-year low; analysts’ consensus rating was “Moderate Buy,” with an average price target of $32.33. Company insiders also sold shares, with the reported transactions made under pre-arranged plans to cover taxes on vested equity awards.

General American Investors Co. Inc. acquired a new stake in NextNav Inc. (NASDAQ:NN - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 699,814 shares of the company's stock, valued at approximately $10,063,000. General American Investors Co. Inc. owned approximately 0.41% of NextNav at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Cannell & Spears LLC boosted its holdings in NextNav by 0.7% in the first quarter. Cannell & Spears LLC now owns 122,851 shares of the company's stock valued at $1,961,000 after purchasing an additional 899 shares during the last quarter. GK Wealth Management LLC acquired a new stake in NextNav during the third quarter worth about $29,000. KBC Group NV bought a new stake in shares of NextNav in the 1st quarter worth approximately $38,000. Grove Bank & Trust acquired a new position in NextNav during the 2nd quarter valued at about $53,000. Finally, Bank of America Corp DE grew its stake in shares of NextNav by 1.2% in the first quarter. Bank of America Corp DE now owns 260,018 shares of the company's stock worth $4,165,000 after purchasing an additional 3,028 shares in the last quarter. Institutional investors and hedge funds own 79.16% of the company's stock.

Insider Activity

In other news, General Counsel James Black sold 1,878 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $15.34, for a total value of $28,808.52. Following the completion of the sale, the general counsel directly owned 89,810 shares of the company's stock, valued at $1,377,685.40. This trade represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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. Also, CEO Mariam Sorond sold 69,853 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the completion of the transaction, the chief executive officer directly owned 1,171,792 shares in the company, valued at approximately $17,928,417.60. This represents a 5.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 87,667 shares of company stock valued at $1,331,153 in the last quarter. Company insiders own 7.80% of the company's stock.

NextNav Price Performance

Shares of NASDAQ NN traded up $0.58 during mid-day trading on Friday, hitting $8.61. The company's stock had a trading volume of 2,590,156 shares, compared to its average volume of 3,940,802. The company's fifty day simple moving average is $12.83 and its 200-day simple moving average is $16.25. NextNav Inc. has a one year low of $7.60 and a one year high of $24.42. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -8.88 and a beta of 1.20.

NextNav (NASDAQ:NN - Get Free Report) 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 during the quarter, compared to the consensus estimate of $0.92 million. NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. On average, sell-side analysts predict that NextNav Inc. will post -0.46 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NN. Zacks Research downgraded NextNav from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th. Clear Str upgraded shares of NextNav to a "strong-buy" rating in a report on Monday, September 21st. Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a research note on Thursday, October 15th. Wells Fargo & Company restated a "buy" rating on shares of NextNav in a report on Monday, September 21st. Finally, Odeon Capital Group started coverage on NextNav in a research report on Monday, July 20th. They issued a "buy" rating and a $22.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $32.33.

About NextNav

NextNav Inc NASDAQ: NN develops positioning, navigation and timing technologies designed to provide reliable location information in environments where traditional GPS and satellite-based systems may be unavailable, inaccurate or vulnerable to disruption. The company's services are intended for applications in communications, public safety, transportation, logistics, mapping and other industries that rely on precise location and timing data.

NextNav's primary products include Pinnacle, a terrestrial network that provides three-dimensional positioning, including accurate altitude information, and TerraPoiNT, a terrestrial positioning, navigation and timing system designed to complement or serve as an alternative to GPS.

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