NextNav (NASDAQ:NN) Stock Price Down 2.5% – What’s Next?

NextNav Inc. (NASDAQ:NN) dropped 2.5% during mid-day trading on Tuesday . The stock traded as low as $16.08 and last traded at $16.20. Approximately 94,893 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 900,442 shares. The stock had previously closed at $16.62.

Analyst Upgrades and Downgrades

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

NextNav Trading Down 5.4 %

The firm has a 50 day moving average of $14.98 and a 200 day moving average of $10.30. The firm has a market cap of $2.05 billion, a PE ratio of -20.97 and a beta of 1.13. The company has a quick ratio of 5.01, a current ratio of 5.01 and a debt-to-equity ratio of 0.81.

Insider Activity

In other NextNav news, SVP Arun Raghupathy sold 3,332 shares of NextNav stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $18.32, for a total transaction of $61,042.24. Following the transaction, the senior vice president now directly owns 1,087,019 shares of the company’s stock, valued at approximately $19,914,188.08. This trade represents a 0.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Christian D. Gates sold 3,918 shares of the firm’s stock in a transaction that occurred on 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 owns 815,722 shares in the company, valued at approximately $14,397,493.30. The trade was a 0.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 209,367 shares of company stock worth $3,442,705 over the last ninety days. Company insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in NextNav by 1.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 32,588 shares of the company’s stock worth $244,000 after purchasing an additional 616 shares during the period. 272 Capital LP purchased a new stake in shares of NextNav in the third quarter worth $756,000. Geode Capital Management LLC boosted its stake in shares of NextNav by 10.3% in the third 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 during the period. Barclays PLC raised its position in shares of NextNav by 29.2% during the third quarter. Barclays PLC now owns 291,964 shares of the company’s stock valued at $2,187,000 after buying an additional 66,039 shares during the last quarter. Finally, State Street Corp grew its position in shares of NextNav by 1.1% during the third quarter. State Street Corp now owns 2,010,131 shares of the company’s stock valued at $15,056,000 after purchasing an additional 22,152 shares in the last quarter. Hedge funds and other 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.