NextNav (NASDAQ:NN) Stock Price Down 6.3% – Here’s Why

NextNav Inc. (NASDAQ:NN)’s stock price was down 6.3% during mid-day trading on Wednesday . The company traded as low as $13.95 and last traded at $13.95. Approximately 114,623 shares changed hands during trading, a decline of 86% from the average daily volume of 839,289 shares. The stock had previously closed at $14.89.

NextNav Stock Down 8.8 %

The stock has a market cap of $1.72 billion, a PE ratio of -16.07 and a beta of 0.94. The company has a current ratio of 5.93, a quick ratio of 5.93 and a debt-to-equity ratio of 0.80. The business has a 50-day moving average price of $9.15 and a 200-day moving average price of $8.32.

Insider Activity

In other news, Director Neil S. Subin acquired 100,000 shares of NextNav stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average cost of $6.92 per share, with a total value of $692,000.00. Following the purchase, the director now owns 2,365,213 shares in the company, valued at $16,367,273.96. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Neil S. Subin bought 125,000 shares of the business’s stock in a transaction on Monday, August 26th. The stock was acquired at an average cost of $6.93 per share, with a total value of $866,250.00. Following the purchase, the director now directly owns 2,490,213 shares of the company’s stock, valued at $17,257,176.09. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Neil S. Subin bought 100,000 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was bought at an average cost of $6.92 per share, with a total value of $692,000.00. Following the completion of the purchase, the director now directly owns 2,365,213 shares in the company, valued at approximately $16,367,273.96. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 15.70% of the company’s stock.

Institutional Trading of NextNav

A number of hedge funds and other institutional investors have recently modified their holdings of NN. Wolf Hill Capital Management LP acquired a new stake in shares of NextNav in the 1st quarter worth $12,195,000. Vanguard Group Inc. increased its position in shares of NextNav by 37.7% during the 1st quarter. Vanguard Group Inc. now owns 3,238,196 shares of the company’s stock worth $21,307,000 after purchasing an additional 887,075 shares during the last quarter. Empyrean Capital Partners LP increased its position in shares of NextNav by 56.6% during the 2nd quarter. Empyrean Capital Partners LP now owns 660,845 shares of the company’s stock worth $5,359,000 after purchasing an additional 238,845 shares during the last quarter. DigitalBridge Group Inc. acquired a new stake in shares of NextNav during the 2nd quarter worth about $1,741,000. Finally, Marshall Wace LLP acquired a new stake in shares of NextNav during the 2nd quarter worth about $1,571,000. 79.16% of the stock is owned by institutional investors and hedge funds.

About NextNav

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.