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

NextNav Inc. (NASDAQ:NN)’s share price gapped down prior to trading on Friday . The stock had previously closed at $16.76, but opened at $16.17. NextNav shares last traded at $15.93, with a volume of 300,219 shares trading hands.

Analyst Ratings Changes

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

NextNav Price Performance

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 stock’s fifty day moving average price is $13.94 and its 200-day moving average price is $9.87. The firm has a market cap of $2.18 billion, a PE ratio of -22.23 and a beta of 1.13.

Insiders Place Their Bets

In related news, CFO Christian D. Gates sold 3,918 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $17.65, for a total value of $69,152.70. Following the sale, the chief financial officer now directly owns 815,722 shares of the company’s stock, valued at approximately $14,397,493.30. This represents a 0.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mariam Sorond sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were 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 $25,815,518.80. This trade represents a 11.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 209,367 shares of company stock worth $3,442,705. 15.70% of the stock is owned by company insiders.

Institutional Trading of NextNav

Several large investors have recently modified their holdings of NN. 272 Capital LP acquired a new position in shares of NextNav in the third quarter worth $756,000. Geode Capital Management LLC raised its stake in NextNav by 10.3% in the 3rd 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 last quarter. Barclays PLC raised its stake in NextNav by 29.2% in the 3rd 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 during the last quarter. State Street Corp lifted its holdings 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 in the last quarter. Finally, Paloma Partners Management Co acquired a new stake in shares of NextNav during the 3rd quarter worth about $1,060,000. 79.16% of the stock is currently owned by institutional investors and hedge funds.

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.