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

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

Analyst Ratings Changes

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

NextNav Price Performance

The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -15.97 and a beta of 1.17. 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’s 50 day moving average is $15.56 and its 200 day moving average is $10.66.

Insider Buying and Selling

In related news, SVP Arun Raghupathy sold 3,332 shares of NextNav stock in a transaction on Monday, December 16th. The stock was sold at an average price of $18.32, for a total transaction of $61,042.24. Following the completion of 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. The trade was a 0.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Christian D. Gates sold 3,918 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now 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. Insiders sold a total of 209,367 shares of company stock worth $3,442,705 in the last 90 days. Company insiders own 15.70% of the company’s stock.

Institutional Trading of NextNav

Institutional investors have recently made changes to their positions in the stock. Wolf Hill Capital Management LP increased its holdings in NextNav by 14.6% during the 2nd quarter. Wolf Hill Capital Management LP now owns 2,123,062 shares of the company’s stock worth $17,218,000 after purchasing an additional 269,754 shares during the last quarter. State Street Corp lifted its position in NextNav by 1.1% in the 3rd 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 during the last quarter. Geode Capital Management LLC increased 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 valued at $12,672,000 after purchasing an additional 158,455 shares during the period. Empyrean Capital Partners LP boosted its position in shares of NextNav by 56.6% in the 2nd quarter. Empyrean Capital Partners LP now owns 660,845 shares of the company’s stock valued at $5,359,000 after purchasing an additional 238,845 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of NextNav by 11.8% in 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 in the last quarter. 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.