NextNav (NASDAQ:NN) Sets New 1-Year Low - What's Next?

Key Points

• NextNav shares fell to a new 52-week low of $10.62 and last traded at $10.81, below both the 50-day moving average of $15.31 and the 200-day average of $17.01.
• Analyst views remain mixed: the consensus rating is “Moderate Buy” with a $32.33 price target, but ratings range from Strong Buy to Sell. The company missed quarterly EPS expectations, reporting a loss of $0.24 per share versus the estimated $0.16 loss.
• Insiders sold 87,667 shares worth approximately $1.33 million over the past 90 days, while institutional investors and hedge funds own a substantial 79.16% of the stock.

NextNav Inc. (NASDAQ:NN - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $10.62 and last traded at $10.81, with a volume of 225,308 shares. The stock had previously closed at $11.31.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of NextNav in a research report on Friday, July 17th. Odeon Capital Group initiated coverage on shares of NextNav in a research note on Monday, July 20th. They set a "buy" rating and a $22.00 price objective for the company. Clear Str upgraded shares of NextNav to a "strong-buy" rating in a research report on Monday, September 21st. Wells Fargo & Company reaffirmed a "buy" rating on shares of NextNav in a research report on Monday, September 21st. Finally, Wall Street Zen lowered NextNav from a "hold" rating to a "sell" rating in a research note on Sunday, September 27th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, NextNav presently has an average rating of "Moderate Buy" and a consensus price target of $32.33.

NextNav Trading Down 2.5%

The firm's fifty day moving average is $15.31 and its 200 day moving average is $17.01. The company has a market cap of $1.86 billion, a PE ratio of -11.32 and a beta of 1.16.

NextNav (NASDAQ:NN - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.08). NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. The firm had revenue of $1.15 million for the quarter, compared to analysts' expectations of $0.92 million. As a group, sell-side analysts anticipate that NextNav Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Timothy Gray sold 11,099 shares of the stock in a transaction on 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 in the company, valued at approximately $1,766,857.68. This trade represents a 8.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mariam Sorond sold 2,831 shares of the company's stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $14.72, for a total value of $41,672.32. Following the sale, the chief executive officer owned 1,168,961 shares in the company, valued at approximately $17,207,105.92. This trade represents a 0.24% 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. Insiders have sold a total of 87,667 shares of company stock valued at $1,331,153 in the last ninety days. Company insiders own 7.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Sona Asset Management US LLC increased its stake in shares of 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 acquiring an additional 143,349 shares during the period. State Street Corp raised its holdings 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 purchasing an additional 108,338 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new stake in NextNav in the second quarter valued at about $4,012,000. Squarepoint Ops LLC lifted its position in NextNav by 592.0% in the second quarter. Squarepoint Ops LLC now owns 113,073 shares of the company's stock valued at $2,016,000 after purchasing an additional 96,734 shares during the period. Finally, California State Teachers Retirement System boosted its holdings in NextNav by 41.6% in the 1st quarter. California State Teachers Retirement System now owns 97,347 shares of the company's stock valued at $1,559,000 after purchasing an additional 28,584 shares in the last quarter. 79.16% of the stock is owned by institutional investors and hedge funds.

About NextNav

NextNav Inc develops positioning, navigation and timing technologies designed to provide accurate location information where traditional GPS may be unavailable, unreliable or insufficient. The company's solutions are intended to support applications that require precise two-dimensional and three-dimensional geolocation, including public safety, wireless communications, mapping, transportation and critical infrastructure.

Its Pinnacle platform provides nationwide vertical-location services, enabling devices and networks to determine elevation or floor level in addition to latitude and longitude.

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