NextNav (NASDAQ:NN) Shares Down 6.8% - Here's What Happened

Key Points

• NextNav shares fell 6.8% to $16.35 in midday trading, with volume down 64% from the average. The stock’s average analyst rating is “Hold,” with a consensus price target of $32.33.
• The company’s latest quarterly results missed expectations on earnings, reporting a loss of $0.24 per share versus the projected $0.16 loss, although revenue of $1.15 million exceeded estimates.
• Insiders sold 76,567 shares worth approximately $1.52 million over the past 90 days, while institutional investors own 79.16% of NextNav’s outstanding stock.

Shares of NextNav Inc. (NASDAQ:NN - Get Free Report) fell 6.8% on Monday . The stock traded as low as $16.37 and last traded at $16.35. Approximately 807,169 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 2,212,302 shares. The stock had previously closed at $17.55.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Wall Street Zen upgraded NextNav from a "strong sell" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a research report on Friday, July 17th. Odeon Capital Group assumed coverage on shares of NextNav in a research report on Monday, July 20th. They issued a "buy" rating and a $22.00 price objective on the stock. Zacks Research cut shares of NextNav from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Finally, Oppenheimer increased their target price on shares of NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a research report on Wednesday, June 3rd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $32.33.

NextNav Trading Down 7.4%

The firm has a fifty day moving average of $16.14 and a two-hundred day moving average of $17.57. The company has a market cap of $2.74 billion, a PE ratio of -16.79 and a beta of 1.10.

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 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 net margin of 3,232.19% and a negative return on equity of 211.25%. Sell-side analysts expect that NextNav Inc. will post -0.51 EPS for the current fiscal year.

Insider Activity at NextNav

In other NextNav news, CEO Mariam Sorond sold 69,853 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $19.92, for a total transaction of $1,391,471.76. Following the sale, the chief executive officer owned 1,244,495 shares of the company's stock, valued at $24,790,340.40. The trade was a 5.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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, CAO Sammaad Shams sold 2,006 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $17.84, for a total value of $35,787.04. Following the sale, the chief accounting officer owned 70,944 shares in the company, valued at approximately $1,265,640.96. This represents a 2.75% decrease in their position. 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. In the last ninety days, insiders sold 76,567 shares of company stock worth $1,522,252. Corporate insiders own 7.80% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NN. Caitong International Asset Management Co. Ltd raised its position 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 worth $37,000 after buying an additional 1,721 shares in the last quarter. KBC Group NV purchased a new position in shares of NextNav during the first quarter worth about $38,000. Grove Bank & Trust bought a new position in shares of NextNav in the second quarter worth approximately $53,000. Kemnay Advisory Services Inc. bought a new position in shares of NextNav in the fourth quarter worth approximately $97,000. Finally, Osterweis Capital Management Inc. purchased a new position in NextNav in the 4th quarter worth approximately $109,000. 79.16% of the stock is owned by institutional investors.

NextNav Company 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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