NextNav (NASDAQ:NN) Stock Price Down 8.7% - Here's What Happened

Key Points

• Shares fell 8.7% to about $15.17 (intraday low $15.14) on Tuesday, with mid-day volume of ~190,072 shares—an ~86% drop from the average daily volume of 1,334,597.
• Analysts are negative on the stock: NextNav has an average rating of "Reduce", with Weiss reaffirming a sell and Wall Street Zen cutting its rating to a "strong sell" (one Hold, one Sell overall).
• Insiders have been selling recently—CFO and General Counsel sold shares on March 20th, insiders sold 101,133 shares (~$1.73M) last quarter, and insiders own about 7.7% of the company.

Shares of NextNav Inc. (NASDAQ:NN - Get Free Report) dropped 8.7% during trading on Tuesday . The company traded as low as $15.14 and last traded at $15.1660. Approximately 190,072 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 1,334,597 shares. The stock had previously closed at $16.61.

Analyst Upgrades and Downgrades

NN has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NextNav in a research note on Thursday, January 22nd. Wall Street Zen cut NextNav from a "hold" rating to a "strong sell" rating in a research note on Saturday, March 21st. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, NextNav presently has an average rating of "Reduce".

NextNav Stock Performance

The firm has a market capitalization of $2.10 billion, a P/E ratio of -10.13 and a beta of 0.98. The business has a 50 day simple moving average of $16.45 and a two-hundred day simple moving average of $15.28.

NextNav (NASDAQ:NN - Get Free Report) last announced its earnings results on Tuesday, March 17th. The company reported ($0.13) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.13). The business had revenue of $0.95 million during the quarter, compared to the consensus estimate of $0.86 million. On average, equities analysts anticipate that NextNav Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Transactions at NextNav

In related news, CFO Timothy Gray sold 1,405 shares of the firm's stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $18.11, for a total transaction of $25,444.55. Following the transaction, the chief financial officer directly owned 131,786 shares of the company's stock, valued at approximately $2,386,644.46. This trade represents a 1.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel James S. Black sold 9,429 shares of the firm's stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $17.97, for a total value of $169,439.13. Following the transaction, the general counsel directly owned 93,566 shares in the company, valued at approximately $1,681,381.02. This represents a 9.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 101,133 shares of company stock valued at $1,733,594. 7.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NextNav

Large investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd raised its holdings in shares of NextNav by 347.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company's stock valued at $37,000 after buying an additional 1,721 shares in the last quarter. Clearstead Advisors LLC bought a new position in NextNav during the 3rd quarter worth approximately $52,000. FWL Investment Management LLC bought a new position in NextNav during the 2nd quarter worth approximately $70,000. Kemnay Advisory Services Inc. bought a new position in NextNav during the 4th quarter worth approximately $97,000. Finally, Osterweis Capital Management Inc. bought a new position in NextNav during the 4th quarter worth approximately $109,000. 79.16% of the stock is owned by hedge funds and other 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.

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.