NextNav (NASDAQ:NN) Trading Down 5.3% – What’s Next?

NextNav Inc. (NASDAQ:NN) shares were down 5.3% during trading on Wednesday . The stock traded as low as $15.30 and last traded at $15.35. Approximately 765,486 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 867,195 shares. The stock had previously closed at $16.21.

Analyst Upgrades and Downgrades

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

NextNav Price Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 5.01 and a quick ratio of 5.01. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of -21.39 and a beta of 0.94. The business’s fifty day simple moving average is $9.89 and its 200 day simple moving average is $8.52.

Insider Buying and Selling

In other NextNav news, Director Neil S. Subin purchased 125,000 shares of the stock in a transaction dated Monday, August 26th. The shares were bought at an average price of $6.93 per share, with a total value of $866,250.00. Following the completion of the transaction, the director now directly owns 2,490,213 shares in the company, valued at approximately $17,257,176.09. This trade represents a 5.28 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 11.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NextNav

A number of hedge funds and other institutional investors have recently bought and sold shares of NN. nVerses Capital LLC bought a new position in NextNav in the 2nd quarter worth $50,000. Principal Financial Group Inc. bought a new position in NextNav in the 2nd quarter worth $82,000. Quest Partners LLC bought a new position in NextNav in the 2nd quarter worth $88,000. King Luther Capital Management Corp bought a new position in NextNav in the 3rd quarter worth $90,000. Finally, Wolverine Asset Management LLC raised its holdings in NextNav by 323.6% in the 2nd quarter. Wolverine Asset Management LLC now owns 12,106 shares of the company’s stock worth $98,000 after purchasing an additional 9,248 shares in the last quarter. Hedge funds and other institutional investors own 79.16% of the company’s stock.

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.