NextNav (NASDAQ:NN) Stock Price Down 7.2% - Here's What Happened

Key Points

• NextNav shares fell 7.2% on Friday, dropping to as low as $13.01 as trading volume came in below average.
• Analyst sentiment is mixed but generally cautious: the stock has a consensus rating of Hold with a consensus price target of $37.50, even after Oppenheimer raised its target to $50 and called it outperform.
• Recent earnings showed a smaller-than-expected loss, with EPS of -$0.12 versus -$0.15 expected, while insiders have also been selling shares under pre-arranged trading plans.

Shares of NextNav Inc. (NASDAQ:NN - Get Free Report) traded down 7.2% during trading on Friday . The company traded as low as $13.01 and last traded at $12.8450. 1,493,913 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 2,044,176 shares. The stock had previously closed at $13.84.

Analyst Upgrades and Downgrades

NN has been the subject of several research analyst reports. Oppenheimer lifted their price target 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. UBS Group set a $25.00 price objective on NextNav in a report on Thursday, April 16th. B. Riley Financial reiterated a "buy" rating on shares of NextNav in a report on Thursday, April 23rd. Wall Street Zen raised NextNav from a "strong sell" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a research note on Tuesday, April 21st. Two equities research 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. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $37.50.

NextNav Stock Down 6.2%

The company has a market cap of $1.77 billion, a P/E ratio of -10.68 and a beta of 1.06. The business's 50 day moving average is $19.33 and its 200 day moving average is $17.59.

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

Insider Activity at NextNav

In other NextNav news, General Counsel James S. Black sold 1,878 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $22.96, for a total transaction of $43,118.88. Following the completion of the sale, the general counsel directly owned 91,688 shares of the company's stock, valued at approximately $2,105,156.48. This represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 firm's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $17.84, for a total transaction of $35,787.04. Following the completion of the sale, the chief accounting officer owned 70,944 shares in the company, valued at $1,265,640.96. This represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 have sold a total of 76,567 shares of company stock valued at $1,522,252 over the last quarter. 7.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NN. Vanguard Group Inc. increased its position in shares of NextNav by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company's stock worth $115,361,000 after purchasing an additional 573,214 shares in the last quarter. UBS Group AG increased its position in NextNav by 35.0% during the 4th quarter. UBS Group AG now owns 1,991,825 shares of the company's stock valued at $33,144,000 after buying an additional 516,045 shares in the last quarter. Wittenberg Investment Management Inc. increased its position in NextNav by 384.2% during 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. JPMorgan Chase & Co. raised its stake in NextNav by 70.7% in the third quarter. JPMorgan Chase & Co. now owns 105,466 shares of the company's stock valued at $1,508,000 after buying an additional 43,694 shares during the last quarter. Finally, T3 Companies LLC acquired a new stake in NextNav in the fourth quarter worth about $421,000. Institutional investors own 79.16% of the company's stock.

About NextNav

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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