NextNav (NASDAQ:NN) Trading Down 5.3% – Here’s What Happened

NextNav Inc. (NASDAQ:NN) shares dropped 5.3% during trading on Wednesday . The stock traded as low as $15.30 and last traded at $15.35. Approximately 765,486 shares were traded during trading, a decline of 12% from the average daily volume of 867,195 shares. The stock had previously closed at $16.21.

Analysts Set New Price Targets

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

NextNav Trading Up 2.1 %

The company has a fifty day moving average of $10.21 and a 200-day moving average of $8.62. The company has a current ratio of 5.01, a quick ratio of 5.01 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of -20.72 and a beta of 0.94.

Insider Transactions at NextNav

In related news, Director Neil S. Subin bought 125,000 shares of the business’s stock in a transaction on Monday, August 26th. The stock was acquired at an average cost of $6.93 per share, with a total value of $866,250.00. Following the purchase, the director now directly owns 2,490,213 shares of the company’s stock, valued at $17,257,176.09. The trade was a 5.28 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NN. Blair William & Co. IL lifted its stake in NextNav by 25.0% during the first quarter. Blair William & Co. IL now owns 50,000 shares of the company’s stock worth $329,000 after purchasing an additional 10,000 shares in the last quarter. Vanguard Group Inc. boosted its holdings in NextNav by 37.7% during the 1st quarter. Vanguard Group Inc. now owns 3,238,196 shares of the company’s stock valued at $21,307,000 after acquiring an additional 887,075 shares during the period. PEAK6 Investments LLC grew its position in NextNav by 31.0% in the 1st quarter. PEAK6 Investments LLC now owns 42,131 shares of the company’s stock valued at $277,000 after acquiring an additional 9,976 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in NextNav by 34.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,025 shares of the company’s stock worth $113,000 after purchasing an additional 4,405 shares during the period. Finally, Ancora Advisors LLC increased its stake in NextNav by 4.7% during the first quarter. Ancora Advisors LLC now owns 265,797 shares of the company’s stock worth $1,749,000 after purchasing an additional 12,000 shares during the period. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

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.