NextNav (NASDAQ:NN) Shares Gap Down – Here’s What Happened

NextNav Inc. (NASDAQ:NN) shares gapped down prior to trading on Monday . The stock had previously closed at $16.11, but opened at $15.43. NextNav shares last traded at $13.13, with a volume of 767,934 shares.

Wall Street Analyst Weigh In

Separately, B. Riley increased their price target 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 5.5 %

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 has a market cap of $1.68 billion, a price-to-earnings ratio of -17.19 and a beta of 1.17. The firm has a 50-day moving average price of $15.51 and a 200 day moving average price of $10.62.

Insider Buying and Selling at NextNav

In related news, SVP Arun Raghupathy sold 3,332 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $18.32, for a total value of $61,042.24. Following the sale, the senior vice president now 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $3,280,000.00. Following the transaction, the chief executive officer now owns 1,574,117 shares of the company’s stock, valued at approximately $25,815,518.80. The trade was a 11.27 % 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 over the last 90 days. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On NextNav

Several institutional investors have recently modified their holdings of NN. JPMorgan Chase & Co. increased its position in NextNav by 1.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 32,588 shares of the company’s stock valued at $244,000 after acquiring an additional 616 shares during the period. 272 Capital LP bought a new position in shares of NextNav in the third quarter worth $756,000. Geode Capital Management LLC increased its holdings in shares of NextNav by 10.3% during 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. Barclays PLC raised its stake 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 purchasing an additional 66,039 shares in the last quarter. Finally, State Street Corp lifted its holdings in NextNav by 1.1% in the third quarter. State Street Corp now owns 2,010,131 shares of the company’s stock worth $15,056,000 after purchasing an additional 22,152 shares during the period. 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.