General American Investors Co. Inc. Sells 180,000 Shares of NextNav Inc. $NN

Key Points

• General American Investors Co. Inc. cut its NextNav stake by 22.5% in the first quarter, selling 180,000 shares and leaving it with 620,210 shares valued at about $9.94 million.
• NextNav’s stock fell to $16.00 in Friday trading, below its 50-day average of $19.67 and well under its 12-month high of $24.42, though the company still has a market cap of about $2.18 billion.
• Despite posting a smaller-than-expected loss and slightly better revenue last quarter, analyst opinions remain mixed: the consensus rating is Hold with an average price target of $37.50.

General American Investors Co. Inc. decreased its stake in shares of NextNav Inc. (NASDAQ:NN - Free Report) by 22.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 620,210 shares of the company's stock after selling 180,000 shares during the quarter. General American Investors Co. Inc. owned 0.46% of NextNav worth $9,936,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings in NextNav by 6.6% in the 4th quarter. Russell Investments Group Ltd. now owns 10,950 shares of the company's stock valued at $182,000 after acquiring an additional 675 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of NextNav by 1.5% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,253 shares of the company's stock valued at $733,000 after purchasing an additional 714 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of NextNav by 0.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 200,213 shares of the company's stock valued at $3,332,000 after purchasing an additional 863 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of NextNav by 347.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company's stock valued at $37,000 after purchasing an additional 1,721 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in NextNav by 1.9% in the third quarter. Alliancebernstein L.P. now owns 97,530 shares of the company's stock worth $1,395,000 after purchasing an additional 1,824 shares during the period. Institutional investors own 79.16% of the company's stock.

NextNav Stock Performance

Shares of NASDAQ NN traded down $0.91 during midday trading on Friday, reaching $16.00. 1,607,055 shares of the company traded hands, compared to its average volume of 2,164,142. NextNav Inc. has a 12 month low of $10.87 and a 12 month high of $24.42. The stock's 50-day simple moving average is $19.67 and its 200-day simple moving average is $17.65. The firm has a market cap of $2.18 billion, a PE ratio of -13.22 and a beta of 1.06.

NextNav (NASDAQ:NN - Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.03. The firm had revenue of $0.99 million during the quarter, compared to the consensus estimate of $0.94 million. On average, equities research analysts expect that NextNav Inc. will post -0.48 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Transactions at NextNav

In other news, General Counsel James S. Black sold 1,878 shares of NextNav stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $22.96, for a total value of $43,118.88. Following the completion of the transaction, the general counsel owned 91,688 shares in the company, valued at approximately $2,105,156.48. The trade was a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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. Also, CEO Mariam Sorond sold 2,830 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $18.33, for a total value of $51,873.90. Following the sale, the chief executive officer owned 1,241,665 shares in the company, valued at approximately $22,759,719.45. This trade represents a 0.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last 90 days, insiders sold 76,567 shares of company stock valued at $1,522,252. Corporate insiders own 7.80% of the company's stock.

NextNav 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.

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