NextNav (NASDAQ:NN) Shares Gap Down Following Insider Selling

NextNav Inc. (NASDAQ:NN)’s share price gapped down before the market opened on Wednesday after an insider sold shares in the company. The stock had previously closed at $11.87, but opened at $11.63. NextNav shares last traded at $11.65, with a volume of 116,295 shares.

Specifically, CAO Sammaad Shams sold 4,005 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $11.21, for a total transaction of $44,896.05. Following the transaction, the chief accounting officer now directly owns 81,100 shares in the company, valued at $909,131. The trade was a 4.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mariam Sorond sold 62,868 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $11.23, for a total transaction of $706,007.64. Following the completion of the sale, the chief executive officer now directly owns 1,550,358 shares in the company, valued at approximately $17,410,520.34. The trade was a 3.90 % decrease in their position. The disclosure for this sale can be found here. In other NextNav news, CFO Christian D. Gates sold 5,730 shares of NextNav stock in a transaction on Monday, March 17th. The stock was sold at an average price of $11.24, for a total transaction of $64,405.20. Following the completion of the transaction, the chief financial officer now directly owns 857,206 shares of the company’s stock, valued at approximately $9,634,995.44. This trade represents a 0.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

NextNav Stock Performance

The stock has a 50-day moving average of $11.78 and a 200 day moving average of $12.01. The firm has a market capitalization of $1.56 billion, a P/E ratio of -15.79 and a beta of 1.17. The company has a debt-to-equity ratio of 0.81, a quick ratio of 5.01 and a current ratio of 5.01.

NextNav (NASDAQ:NN) last announced its earnings results on Wednesday, March 12th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.10). The business had revenue of $1.91 million during the quarter, compared to analyst estimates of $1.73 million. NextNav had a negative net margin of 1,732.92% and a negative return on equity of 128.95%. On average, research analysts anticipate that NextNav Inc. will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On NextNav

A number of institutional investors have recently modified their holdings of NN. JPMorgan Chase & Co. raised its position in shares of NextNav by 1.9% during the third quarter. JPMorgan Chase & Co. now owns 32,588 shares of the company’s stock worth $244,000 after acquiring an additional 616 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in NextNav by 112.5% during the 4th quarter. Russell Investments Group Ltd. now owns 1,923 shares of the company’s stock worth $30,000 after purchasing an additional 1,018 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in NextNav by 5.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 30,753 shares of the company’s stock worth $479,000 after purchasing an additional 1,563 shares during the last quarter. US Bancorp DE bought a new position in shares of NextNav in the 4th quarter valued at about $28,000. Finally, Alliancebernstein L.P. boosted its stake in shares of NextNav by 2.3% in the 4th quarter. Alliancebernstein L.P. now owns 87,760 shares of the company’s stock valued at $1,366,000 after purchasing an additional 2,010 shares during the last quarter. 79.16% of the stock is owned by institutional investors.

NextNav Company Profile

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.