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

Shares of NextNav Inc. (NASDAQ:NN) 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 traded.

Analyst Ratings Changes

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

NextNav Trading Down 5.5 %

The business has a 50 day simple moving average of $15.51 and a two-hundred day simple moving average of $10.62. 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 PE ratio of -17.19 and a beta of 1.17.

Insider Buying and Selling

In other news, CEO Mariam Sorond sold 200,000 shares of NextNav stock in a transaction dated 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 directly owns 1,574,117 shares of the company’s stock, valued at $25,815,518.80. The trade was a 11.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Christian D. Gates sold 3,918 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $17.65, for a total transaction of $69,152.70. Following the completion of the transaction, the chief financial officer now owns 815,722 shares in the company, valued at $14,397,493.30. The trade was a 0.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 209,367 shares of company stock valued at $3,442,705. Insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On NextNav

Several hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its position in NextNav by 11.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 546,806 shares of the company’s stock valued at $4,096,000 after buying an additional 57,780 shares during the last quarter. 272 Capital LP acquired a new position in shares of NextNav in the third quarter worth about $756,000. Wittenberg Investment Management Inc. purchased a new position in NextNav in the third quarter valued at about $366,000. Paloma Partners Management Co acquired a new position in shares of NextNav in the 3rd quarter valued at approximately $1,060,000. Finally, Geode Capital Management LLC boosted its stake in shares of NextNav by 10.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,691,508 shares of the company’s stock valued at $12,672,000 after buying an additional 158,455 shares during the last quarter. 79.16% of the stock is currently 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.