NextNav (NASDAQ:NN) Stock Price Down 6.3% – Here’s Why

NextNav Inc. (NASDAQ:NN) fell 6.3% during mid-day trading on Wednesday . The stock traded as low as $13.95 and last traded at $13.95. 114,623 shares traded hands during trading, a decline of 86% from the average session volume of 839,289 shares. The stock had previously closed at $14.89.

Wall Street Analysts Forecast Growth

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

NextNav Price Performance

The business has a fifty day moving average price of $9.27 and a 200 day moving average price of $8.36. The company has a debt-to-equity ratio of 0.80, a current ratio of 5.93 and a quick ratio of 5.93. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -18.87 and a beta of 0.94.

Insider Activity at NextNav

In other NextNav news, Director Neil S. Subin purchased 100,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were purchased at an average price of $6.92 per share, for a total transaction of $692,000.00. Following the completion of the transaction, the director now owns 2,365,213 shares in the company, valued at $16,367,273.96. This represents a 4.41 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 15.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NextNav

Several large investors have recently modified their holdings of the stock. nVerses Capital LLC purchased a new stake in shares of NextNav during the second quarter valued at $50,000. Principal Financial Group Inc. acquired a new position in shares of NextNav in the second quarter worth about $82,000. Quest Partners LLC purchased a new position in shares of NextNav in the second quarter worth approximately $88,000. King Luther Capital Management Corp acquired a new stake in shares of NextNav during the third quarter valued at approximately $90,000. Finally, Wolverine Asset Management LLC raised its holdings in shares of NextNav by 323.6% during the second quarter. Wolverine Asset Management LLC now owns 12,106 shares of the company’s stock valued at $98,000 after acquiring an additional 9,248 shares during the period. 79.16% of the stock is owned by 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.