NextNav (NASDAQ:NN) Stock Price Up 4% – Here’s Why

NextNav Inc. (NASDAQ:NN)’s stock price shot up 4% during mid-day trading on Tuesday . The stock traded as high as $17.69 and last traded at $17.67. 140,649 shares were traded during mid-day trading, a decline of 84% from the average session volume of 874,029 shares. The stock had previously closed at $16.99.

Analyst Upgrades and Downgrades

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

NextNav Stock Up 1.1 %

The firm has a market cap of $2.23 billion, a P/E ratio of -23.09 and a beta of 1.13. The firm’s 50 day moving average is $12.81 and its two-hundred day moving average is $9.49. The company has a current ratio of 5.01, a quick ratio of 5.01 and a debt-to-equity ratio of 0.81.

Insider Activity at NextNav

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 transaction of $3,280,000.00. Following the transaction, the chief executive officer now owns 1,574,117 shares in the company, 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 hyperlink. Insiders sold a total of 201,459 shares of company stock worth $3,300,854 in the last quarter. Corporate insiders own 11.30% of the company’s stock.

Institutional Trading of NextNav

Large investors have recently bought and sold shares of the business. nVerses Capital LLC acquired a new position in shares of NextNav in the second quarter valued at approximately $50,000. Principal Financial Group Inc. acquired a new position in NextNav in the 2nd quarter worth $82,000. Quest Partners LLC bought a new position in NextNav during the 2nd quarter worth about $88,000. King Luther Capital Management Corp acquired a new stake in shares of NextNav in the 3rd quarter valued at about $90,000. Finally, Wolverine Asset Management LLC lifted its holdings in shares of NextNav by 323.6% in the second quarter. Wolverine Asset Management LLC now owns 12,106 shares of the company’s stock valued at $98,000 after purchasing an additional 9,248 shares in the last quarter. 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.