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

Key Points

• NextNav shares fell 6.8% in mid-day trading, hitting a low of $15.67, with volume far below average at 127,257 shares versus a 2.0 million daily average.
• Analyst sentiment is mixed: Oppenheimer recently raised its price target to $50 and kept an outperform rating, while other firms maintained hold or sell views. The stock’s consensus rating is currently Hold with a $37.50 average price target.
• Recent company data showed NextNav beat earnings and revenue estimates in its latest quarter, but insiders have also been selling shares and the company remains unprofitable, with analysts expecting a full-year loss.

NextNav Inc. (NASDAQ:NN - Get Free Report) dropped 6.8% during mid-day trading on Friday . The company traded as low as $15.67 and last traded at $15.7610. 127,257 shares were traded during trading, a decline of 94% from the average daily volume of 2,045,563 shares. The stock had previously closed at $16.91.

Analysts Set New Price Targets

A number of research analysts recently issued reports on NN shares. 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 Tuesday, April 21st. B. Riley Financial reaffirmed a "buy" rating on shares of NextNav in a research note on Thursday, April 23rd. Oppenheimer raised their price objective on NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a research note on Wednesday, June 3rd. Finally, UBS Group set a $25.00 target price on shares of NextNav in a research report on Thursday, April 16th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $37.50.

NextNav Trading Down 5.7%

The company has a market capitalization of $2.17 billion, a PE ratio of -13.12 and a beta of 1.06. The company's 50 day moving average price is $19.70 and its 200-day moving average price is $17.66.

NextNav (NASDAQ:NN - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.03. The firm had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.94 million. As a group, analysts predict that NextNav Inc. will post -0.48 earnings per share for the current year.

Insider Transactions at NextNav

In related news, General Counsel James S. Black sold 1,878 shares of the firm's stock in a transaction on 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 trade represents a 2.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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, CAO Sammaad Shams sold 2,006 shares of NextNav stock in a transaction dated 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 directly owned 70,944 shares in the company, valued at approximately $1,265,640.96. The trade was a 2.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 sold 76,567 shares of company stock valued at $1,522,252 over the last quarter. Company insiders own 7.80% of the company's stock.

Institutional Trading of NextNav

A number of hedge funds and other institutional investors have recently made changes to their positions in NN. Caitong International Asset Management Co. Ltd increased its position in shares of NextNav by 347.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company's stock worth $37,000 after purchasing an additional 1,721 shares during the last quarter. KBC Group NV acquired a new position in NextNav in the first quarter worth about $38,000. Grove Bank & Trust bought a new stake in NextNav in the second quarter valued at about $53,000. Kemnay Advisory Services Inc. bought a new stake in NextNav in the fourth quarter valued at about $97,000. Finally, Osterweis Capital Management Inc. acquired a new stake in NextNav during the fourth quarter valued at approximately $109,000. Institutional investors own 79.16% of the company's stock.

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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