NextNav (NASDAQ:NN) Shares Gap Down – Here’s Why

NextNav Inc. (NASDAQ:NN) gapped down before the market opened on Monday . The stock had previously closed at $16.11, but opened at $15.43. NextNav shares last traded at $13.13, with a volume of 767,934 shares trading hands.

Wall Street Analyst Weigh In

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

NextNav Stock Performance

The firm has a fifty day moving average price of $15.43 and a 200 day moving average price of $10.52. The firm has a market capitalization of $1.76 billion, a PE ratio of -18.01 and a beta of 1.13. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.01 and a quick ratio of 5.01.

Insider Buying and Selling

In other NextNav news, CEO Mariam Sorond sold 200,000 shares of the company’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 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 position. The sale was disclosed in a document filed with the SEC, which is available at 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 value of $61,042.24. Following the completion of the transaction, the senior vice president now directly owns 1,087,019 shares in the company, valued at approximately $19,914,188.08. The trade was a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 209,367 shares of company stock valued at $3,442,705. Corporate insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in shares of NextNav by 1.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 32,588 shares of the company’s stock valued at $244,000 after acquiring an additional 616 shares during the last quarter. Van ECK Associates Corp grew its holdings in NextNav by 10.0% in the 3rd quarter. Van ECK Associates Corp now owns 21,412 shares of the company’s stock valued at $160,000 after buying an additional 1,948 shares during the last quarter. CIBC Asset Management Inc grew its holdings in NextNav by 19.0% in the 2nd quarter. CIBC Asset Management Inc now owns 19,652 shares of the company’s stock valued at $159,000 after buying an additional 3,140 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in NextNav by 39.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,857 shares of the company’s stock valued at $242,000 after buying an additional 8,466 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in NextNav in the 2nd quarter valued at approximately $82,000. Institutional investors and hedge funds 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.