NextNav (NASDAQ:NN) CFO Sells $162,489.36 in Stock

Key Points

• NextNav CFO Timothy Gray sold 11,099 shares at an average price of $14.64, generating $162,489.36. The sale was made to cover tax withholding tied to vested equity awards, reducing his direct holdings by 8.42% to 120,687 shares.
• NextNav shares recently traded at $14.38, below both their 50-day moving average of $15.32 and 200-day moving average of $17.40. The stock has ranged from $10.87 to $24.42 over the past year.
• The company missed quarterly EPS expectations, reporting a loss of $0.24 per share versus the expected $0.16 loss, though revenue of $1.15 million exceeded forecasts. 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 NextNav stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total value of $162,489.36. Following the sale, the chief financial officer directly owned 120,687 shares of the company's stock, valued at approximately $1,766,857.68. This represents a 8.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

NextNav Price Performance

NextNav stock traded down $0.07 during trading hours on Friday, hitting $14.38. 2,546,090 shares of the stock traded hands, compared to its average volume of 2,292,414. The firm's 50 day moving average price is $15.32 and its 200-day moving average price is $17.40. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of -14.82 and a beta of 1.12. NextNav Inc. has a 1 year low of $10.87 and a 1 year high of $24.42.

NextNav (NASDAQ:NN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). The firm had revenue of $1.15 million during 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%. Research analysts forecast that NextNav Inc. will post -0.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NextNav

Several institutional investors and hedge funds have recently modified their holdings of NN. BlueCrest Capital Management Ltd acquired a new position in shares of NextNav during the 2nd quarter worth approximately $4,012,000. Sona Asset Management US LLC lifted its position in NextNav by 37.9% during the first quarter. Sona Asset Management US LLC now owns 521,477 shares of the company's stock worth $8,354,000 after buying an additional 143,349 shares in the last quarter. State Street Corp boosted its stake in NextNav by 4.8% during the second quarter. State Street Corp now owns 2,343,255 shares of the company's stock worth $41,780,000 after buying an additional 108,338 shares during the last quarter. Squarepoint Ops LLC boosted its stake in NextNav by 592.0% during the second quarter. Squarepoint Ops LLC now owns 113,073 shares of the company's stock worth $2,016,000 after buying an additional 96,734 shares during the last quarter. Finally, Wittenberg Investment Management Inc. grew its holdings in NextNav by 384.2% in the 4th quarter. Wittenberg Investment Management Inc. now owns 121,056 shares of the company's stock valued at $2,014,000 after buying an additional 96,056 shares in the last quarter. Hedge funds and other institutional investors own 79.16% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on NN. Wall Street Zen raised shares of NextNav from a "sell" rating to a "hold" rating in a report on Saturday, September 19th. Clear Str upgraded shares of NextNav to a "strong-buy" rating in a research report on Monday. Odeon Capital Group assumed coverage on shares of NextNav in a report on Monday, July 20th. They issued a "buy" rating and a $22.00 price target on the stock. Zacks Research downgraded NextNav from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 20th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of NextNav in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $32.33.

NextNav Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.