NextNav (NASDAQ:NN) Shares Down 6.7% – Here’s What Happened

NextNav Inc. (NASDAQ:NN)’s stock price was down 6.7% on Wednesday . The company traded as low as $12.49 and last traded at $12.72. Approximately 212,957 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 2,346,180 shares. The stock had previously closed at $13.64.

Wall Street Analyst Weigh In

Separately, B. Riley boosted their target price on shares of NextNav from $12.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th.

NextNav Stock Performance

The firm’s fifty day moving average price is $15.56 and its 200-day moving average price is $10.66. The company has a current ratio of 5.01, a quick ratio of 5.01 and a debt-to-equity ratio of 0.81. The company has a market cap of $1.56 billion, a P/E ratio of -15.97 and a beta of 1.17.

Insiders Place Their Bets

In other NextNav news, CEO Mariam Sorond sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $16.40, for a total value of $3,280,000.00. Following the transaction, the chief executive officer now directly owns 1,574,117 shares of the company’s stock, valued at approximately $25,815,518.80. This trade represents a 11.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Arun Raghupathy sold 3,332 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $18.32, for a total value of $61,042.24. Following the completion of the sale, the senior vice president now owns 1,087,019 shares of the company’s stock, valued at $19,914,188.08. This represents a 0.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 209,367 shares of company stock worth $3,442,705 over the last 90 days. Corporate insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On NextNav

A number of large investors have recently bought and sold shares of NN. Principal Financial Group Inc. bought a new position in shares of NextNav during the second quarter worth approximately $82,000. Quest Partners LLC acquired a new stake in shares of NextNav during the second quarter worth $88,000. King Luther Capital Management Corp bought a new stake in shares of NextNav in the third quarter valued at about $90,000. FMR LLC boosted its holdings in NextNav by 354.3% in the 3rd quarter. FMR LLC now owns 16,418 shares of the company’s stock valued at $123,000 after purchasing an additional 12,804 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in shares of NextNav during the 3rd quarter worth approximately $125,000. Institutional investors and hedge funds own 79.16% of the company’s stock.

NextNav Company Profile

NextNav Inc provides next generation positioning, navigation, and timing (PNT) solutions in the United States. It offers Pinnacle, a dedicated vertical positioning network to cover entire metropolitan areas including devices equipped with a barometric pressure sensor with the highest quality wide-area altitude service.