NextNav (NASDAQ:NN) Shares Down 4.9% – Should You Sell?

NextNav Inc. (NASDAQ:NN) shares traded down 4.9% during mid-day trading on Tuesday . The company traded as low as $16.36 and last traded at $16.40. 186,241 shares were traded during mid-day trading, a decline of 79% from the average session volume of 874,186 shares. The stock had previously closed at $17.25.

Wall Street Analysts Forecast Growth

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

NextNav Trading Down 3.8 %

The company’s 50 day simple moving average is $11.47 and its two-hundred day simple moving average is $9.05. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -23.00 and a beta of 1.13. The company has a debt-to-equity ratio of 0.81, a quick ratio of 5.01 and a current ratio of 5.01.

Hedge Funds Weigh In On NextNav

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in NextNav by 37.7% during the first quarter. Vanguard Group Inc. now owns 3,238,196 shares of the company’s stock worth $21,307,000 after acquiring an additional 887,075 shares during the period. Wolf Hill Capital Management LP grew its holdings in shares of NextNav by 14.6% during the 2nd quarter. Wolf Hill Capital Management LP now owns 2,123,062 shares of the company’s stock worth $17,218,000 after purchasing an additional 269,754 shares in the last quarter. Empyrean Capital Partners LP raised its stake in shares of NextNav by 56.6% in the second quarter. Empyrean Capital Partners LP now owns 660,845 shares of the company’s stock valued at $5,359,000 after purchasing an additional 238,845 shares in the last quarter. DigitalBridge Group Inc. bought a new position in NextNav in the second quarter worth $1,741,000. Finally, Marshall Wace LLP bought a new stake in NextNav in the 2nd quarter valued at $1,571,000. 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.