NextNav (NASDAQ:NN) Shares Down 4.5% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

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

NextNav Stock Down 0.6 %

The company has a debt-to-equity ratio of 0.81, a quick ratio of 5.01 and a current ratio of 5.01. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of -17.05 and a beta of 1.17. The business’s 50 day moving average is $15.55 and its 200 day moving average is $10.80.

Insider Transactions at NextNav

In other NextNav news, CFO Christian D. Gates sold 3,918 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $17.65, for a total value of $69,152.70. Following the transaction, the chief financial officer now directly owns 815,722 shares of the company’s stock, valued at $14,397,493.30. This represents a 0.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mariam Sorond sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $16.40, for a total value of $3,280,000.00. Following the sale, the chief executive officer now directly owns 1,574,117 shares of the company’s stock, valued at $25,815,518.80. This trade represents a 11.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 209,367 shares of company stock valued at $3,442,705 over the last quarter. Company insiders own 11.30% of the company’s stock.

Institutional Investors Weigh In On NextNav

Several large investors have recently made changes to their positions in NN. Wolf Hill Capital Management LP boosted its holdings in NextNav by 14.6% in the second 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. State Street Corp boosted its stake in shares of NextNav by 1.1% during the 3rd quarter. State Street Corp now owns 2,010,131 shares of the company’s stock worth $15,056,000 after acquiring an additional 22,152 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of NextNav by 10.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,691,508 shares of the company’s stock worth $12,672,000 after acquiring an additional 158,455 shares in the last quarter. Empyrean Capital Partners LP increased its holdings 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 valued at $5,359,000 after acquiring an additional 238,845 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of NextNav by 11.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 546,806 shares of the company’s stock valued at $4,096,000 after acquiring an additional 57,780 shares in the last quarter. 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.