NextNav (NASDAQ:NN) Stock Price Down 4.5% – Here’s Why

NextNav Inc. (NASDAQ:NN) shares fell 4.5% during trading on Tuesday . The stock traded as low as $12.52 and last traded at $12.60. 182,612 shares traded hands during trading, a decline of 92% from the average session volume of 2,378,107 shares. The stock had previously closed at $13.20.

Wall Street Analyst Weigh In

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

NextNav Stock Performance

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 $1.63 billion, a PE ratio of -16.68 and a beta of 1.17. The firm’s 50-day simple moving average is $15.56 and its two-hundred day simple moving average is $10.76.

Insider Activity

In related news, CEO Mariam Sorond sold 200,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $16.40, for a total transaction of $3,280,000.00. Following the sale, the chief executive officer now owns 1,574,117 shares in the company, valued at approximately $25,815,518.80. This trade represents a 11.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Arun Raghupathy sold 3,332 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $18.32, for a total transaction of $61,042.24. Following the completion of the transaction, the senior vice president now owns 1,087,019 shares of the company’s stock, valued at approximately $19,914,188.08. This trade 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 valued at $3,442,705 over the last ninety days. 15.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NextNav

Several institutional investors and hedge funds have recently modified their holdings of NN. Principal Financial Group Inc. acquired a new position in shares of NextNav during the 2nd quarter worth approximately $82,000. Quest Partners LLC acquired a new stake in shares of NextNav in the second quarter valued at about $88,000. King Luther Capital Management Corp purchased a new stake in shares of NextNav during the third quarter worth about $90,000. FMR LLC raised its position in shares of NextNav by 354.3% during the 3rd quarter. FMR LLC now owns 16,418 shares of the company’s stock worth $123,000 after purchasing an additional 12,804 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in NextNav in the 3rd quarter valued at about $125,000. 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.