NextNav (NASDAQ:NN) Stock Price Down 4.2% – Here’s What Happened

NextNav Inc. (NASDAQ:NN)’s share price traded down 4.2% during trading on Tuesday . The stock traded as low as $11.48 and last traded at $11.46. 413,273 shares were traded during mid-day trading, a decline of 74% from the average session volume of 1,581,642 shares. The stock had previously closed at $11.96.

Analyst Ratings Changes

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

NextNav Trading Down 2.3 %

The stock’s fifty day moving average price is $14.91 and its 200 day moving average price is $11.19. The stock has a market capitalization of $1.53 billion, a P/E ratio of -15.59 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 Activity

In related news, CEO Mariam Sorond sold 200,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 1,574,117 shares in the company, 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 through this link. Also, CFO Christian D. Gates sold 3,918 shares of NextNav stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.65, for a total transaction of $69,152.70. Following the completion of the transaction, the chief financial officer now directly owns 815,722 shares in the company, valued at $14,397,493.30. This represents a 0.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 209,367 shares of company stock worth $3,442,705. Company insiders own 11.30% of the company’s stock.

Hedge Funds Weigh In On NextNav

Institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in NextNav by 11.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 546,806 shares of the company’s stock worth $4,096,000 after acquiring an additional 57,780 shares during the period. 272 Capital LP purchased a new stake in NextNav in the 3rd quarter worth approximately $756,000. Geode Capital Management LLC grew 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 purchasing an additional 158,455 shares during the period. Wittenberg Investment Management Inc. purchased a new position in shares of NextNav during the 3rd quarter valued at approximately $366,000. Finally, Paloma Partners Management Co acquired a new position in shares of NextNav in the 3rd quarter valued at $1,060,000. 79.16% of the stock is 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.