NextNav (NASDAQ:NN) Stock Price Down 6.3% – Here’s Why

NextNav Inc. (NASDAQ:NN)’s stock price traded down 6.3% on Wednesday . The stock traded as low as $13.95 and last traded at $13.95. 114,623 shares changed hands during trading, a decline of 86% from the average session volume of 839,289 shares. The stock had previously closed at $14.89.

NextNav Price Performance

The company has a quick ratio of 5.93, a current ratio of 5.93 and a debt-to-equity ratio of 0.80. The firm has a market cap of $1.72 billion, a PE ratio of -16.07 and a beta of 0.94. The firm’s fifty day simple moving average is $9.15 and its two-hundred day simple moving average is $8.32.

Insider Buying and Selling at NextNav

In related news, Director Neil S. Subin acquired 100,000 shares of NextNav stock in a transaction dated Friday, August 23rd. The shares were purchased at an average price of $6.92 per share, for a total transaction of $692,000.00. Following the completion of the transaction, the director now directly owns 2,365,213 shares in the company, valued at approximately $16,367,273.96. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Neil S. Subin acquired 100,000 shares of NextNav stock in a transaction dated Friday, August 23rd. The shares were purchased at an average price of $6.92 per share, for a total transaction of $692,000.00. Following the completion of the transaction, the director now directly owns 2,365,213 shares in the company, valued at approximately $16,367,273.96. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Neil S. Subin acquired 125,000 shares of NextNav stock in a transaction dated Monday, August 26th. The shares were bought at an average price of $6.93 per share, for a total transaction of $866,250.00. Following the transaction, the director now owns 2,490,213 shares of the company’s stock, valued at approximately $17,257,176.09. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in NextNav by 37.7% during the first quarter. Vanguard Group Inc. now owns 3,238,196 shares of the company’s stock worth $21,307,000 after buying an additional 887,075 shares during the period. Wolf Hill Capital Management LP boosted its stake in NextNav by 14.6% during the second quarter. Wolf Hill Capital Management LP now owns 2,123,062 shares of the company’s stock worth $17,218,000 after buying an additional 269,754 shares during the period. Empyrean Capital Partners LP boosted its stake in NextNav by 56.6% during the second quarter. Empyrean Capital Partners LP now owns 660,845 shares of the company’s stock worth $5,359,000 after buying an additional 238,845 shares during the period. Charles Schwab Investment Management Inc. boosted its stake 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 buying an additional 57,780 shares during the period. Finally, Ingalls & Snyder LLC boosted its stake in NextNav by 20.7% during the second quarter. Ingalls & Snyder LLC now owns 296,900 shares of the company’s stock worth $2,408,000 after buying an additional 51,000 shares during the period. 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.