NextNav (NASDAQ:NN) Shares Down 6.1% After Insider Selling

Key Points

• NextNav shares fell 6.1% to $14.01 after CEO Mariam Sorond and General Counsel James Black sold shares under pre-arranged Rule 10b5-1 plans to cover tax obligations tied to vested equity awards.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and a $32.33 price target, with ratings ranging from “Sell” to “Buy.”
• NextNav reported a quarterly loss of $0.24 per share, missing estimates by $0.08, while revenue of $1.15 million exceeded expectations; institutional investors own 79.16% of the company.

NextNav Inc. (NASDAQ:NN - Get Free Report)'s share price was down 6.1% during mid-day trading on Friday following insider selling activity. The stock traded as low as $14.31 and last traded at $14.01. 480,486 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 2,214,425 shares. The stock had previously closed at $14.92.

Specifically, CEO Mariam Sorond sold 2,831 shares of the business's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $14.72, for a total transaction of $41,672.32. Following the transaction, the chief executive officer directly owned 1,168,961 shares in the company, valued at approximately $17,207,105.92. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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, General Counsel James Black sold 1,878 shares of NextNav stock in a transaction on Monday, September 14th. The stock was sold at an average price of $15.34, for a total value of $28,808.52. Following the transaction, the general counsel owned 89,810 shares in the company, valued at approximately $1,377,685.40. This represents a 2.05% decrease in their position. 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.

Analysts Set New Price Targets

A number of research analysts recently weighed in on NN shares. Wall Street Zen cut shares of NextNav from a "hold" rating to a "sell" rating in a report on Saturday, August 29th. Odeon Capital Group initiated 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 NextNav from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 20th. Oppenheimer upped their target price on shares of NextNav from $25.00 to $50.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of NextNav in a report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $32.33.

NextNav Stock Down 6.6%

The firm's 50-day moving average price is $15.32 and its two-hundred day moving average price is $17.48. The firm has a market capitalization of $2.35 billion, a PE ratio of -14.51 and a beta of 1.12.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Sona Asset Management US LLC increased its holdings in shares of NextNav by 37.9% in 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 in the last quarter. Commonwealth Equity Services LLC boosted its stake in NextNav by 12.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 384,040 shares of the company's stock valued at $6,390,000 after purchasing an additional 41,004 shares during the period. First Trust Advisors LP boosted its stake in shares of NextNav by 3.8% in the first quarter. First Trust Advisors LP now owns 296,391 shares of the company's stock valued at $4,748,000 after buying an additional 10,761 shares during the period. Bank of America Corp DE grew its stake in NextNav by 1.2% during the first quarter. Bank of America Corp DE now owns 260,018 shares of the company's stock worth $4,165,000 after buying an additional 3,028 shares in the last quarter. Finally, BlueCrest Capital Management Ltd bought a new position in NextNav in the second quarter valued at approximately $4,012,000. Institutional investors own 79.16% of the company's stock.

About NextNav

NextNav Inc NASDAQ: NN is a positioning, navigation and timing technology company that develops alternatives and complements to GPS. Its services are designed to provide accurate location and timing information in environments where GPS signals may be weak, unavailable or unreliable, including indoors and in urban areas.

The company's primary offerings include Pinnacle, a 3D geolocation service that provides precise vertical positioning, and TerraPoiNT, a terrestrial network designed to deliver resilient positioning, navigation and timing signals.

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