NextNav (NASDAQ:NN) Stock Price Down 4.3% – Time to Sell?

NextNav Inc. (NASDAQ:NN) dropped 4.3% during mid-day trading on Wednesday . The stock traded as low as $13.68 and last traded at $13.33. Approximately 206,814 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 1,878,177 shares. The stock had previously closed at $13.93.

Analyst Upgrades and Downgrades

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

NextNav Trading Down 2.4 %

The company has a debt-to-equity ratio of 0.81, a quick ratio of 5.01 and a current ratio of 5.01. The company has a 50 day moving average of $15.42 and a 200 day moving average of $10.98. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -16.31 and a beta of 1.17.

Insider Activity

In related news, CEO Mariam Sorond sold 200,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $16.40, for a total transaction 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. This represents a 11.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Arun Raghupathy sold 3,332 shares of the stock in a transaction that occurred 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 sale, the senior vice president now owns 1,087,019 shares in the company, valued at approximately $19,914,188.08. This trade represents a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 209,367 shares of company stock valued at $3,442,705. 15.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NextNav

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empyrean Capital Partners LP lifted its holdings in shares of NextNav by 56.6% during the 2nd quarter. Empyrean Capital Partners LP now owns 660,845 shares of the company’s stock worth $5,359,000 after acquiring an additional 238,845 shares during the period. DigitalBridge Group Inc. acquired a new stake in shares of NextNav during the 2nd quarter worth $1,741,000. Marshall Wace LLP purchased a new position in shares of NextNav in the 2nd quarter worth $1,571,000. Geode Capital Management LLC boosted its holdings in 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 acquiring an additional 158,455 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new stake in NextNav during the third quarter valued at about $1,060,000. Institutional investors and hedge funds 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.