NextNav (NASDAQ:NN) Trading Down 6.7% – Should You Sell?

NextNav Inc. (NASDAQ:NN) traded down 6.7% on Wednesday . The company traded as low as $12.49 and last traded at $12.72. 212,957 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 2,346,180 shares. The stock had previously closed at $13.64.

Wall Street Analysts Forecast Growth

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

NextNav Stock Performance

The stock has a market capitalization of $1.70 billion, a P/E ratio of -17.37 and a beta of 1.17. The company has a 50-day moving average price of $15.51 and a two-hundred day moving average price of $10.62. The company has a current ratio of 5.01, a quick ratio of 5.01 and a debt-to-equity ratio of 0.81.

Insider Transactions at NextNav

In other news, CEO Mariam Sorond sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $16.40, for a total transaction of $3,280,000.00. Following the transaction, the chief executive officer now directly owns 1,574,117 shares of the company’s stock, valued at $25,815,518.80. This represents a 11.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Arun Raghupathy sold 3,332 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $18.32, for a total value of $61,042.24. Following the completion of the transaction, the senior vice president now owns 1,087,019 shares in the company, valued at approximately $19,914,188.08. This represents a 0.31 % 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 in the last quarter. 15.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its holdings in shares of NextNav by 47.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 217,143 shares of the company’s stock worth $1,761,000 after acquiring an additional 70,343 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in shares of NextNav in the second quarter worth approximately $82,000. CIBC Asset Management Inc raised its stake in shares of NextNav by 19.0% in the second quarter. CIBC Asset Management Inc now owns 19,652 shares of the company’s stock worth $159,000 after purchasing an additional 3,140 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of NextNav by 27.8% in the second quarter. Rhumbline Advisers now owns 95,536 shares of the company’s stock valued at $775,000 after purchasing an additional 20,796 shares in the last quarter. Finally, Quest Partners LLC purchased a new position in shares of NextNav during the second quarter valued at approximately $88,000. 79.16% of the stock is currently 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.