Insider Selling: NextNav (NASDAQ:NN) CEO Sells $1,181,214.23 in Stock

NextNav Inc. (NASDAQ:NN) CEO Mariam Sorond sold 69,853 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $16.91, for a total value of $1,181,214.23. Following the completion of the transaction, the chief executive officer owned 1,270,946 shares in the company, valued at $21,491,696.86. This trade represents a 5.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

NextNav Trading Down 1.4%

NextNav stock opened at $16.33 on Friday. NextNav Inc. has a twelve month low of $9.48 and a twelve month high of $18.25. The stock has a 50 day moving average of $15.79 and a two-hundred day moving average of $15.21. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -12.56 and a beta of 0.96.

Analyst Ratings Changes

NN has been the topic of a number of analyst reports. Wall Street Zen upgraded NextNav from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NextNav in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Institutional Investors Weigh In On NextNav

A number of hedge funds and other institutional investors have recently modified their holdings of NN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of NextNav by 8.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company’s stock worth $579,000 after acquiring an additional 3,543 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in NextNav by 34.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company’s stock valued at $5,705,000 after purchasing an additional 120,123 shares in the last quarter. AlphaQuest LLC acquired a new position in NextNav during the second quarter worth $25,000. Y Intercept Hong Kong Ltd purchased a new stake in NextNav during the second quarter worth $441,000. Finally, Teacher Retirement System of Texas purchased a new stake in NextNav during the second quarter worth $166,000. 79.16% of the stock is currently owned by institutional investors and hedge funds.

NextNav Company Profile

NextNav, Inc is a provider of advanced 3D geolocation infrastructure and positioning services in the United States. The company operates a nationwide network designed to deliver real-time horizontal and vertical location data for consumer, enterprise and public safety applications. By leveraging spectrum holdings in the 900 MHz band, NextNav’s network offers precise altitude and position information that complements GPS and other satellite systems, particularly in urban canyons, indoors or underground environments where traditional signals struggle.

At the core of NextNav’s offering is its TerraPoiNT platform, which enables developers, carriers and emergency response centers to integrate high-accuracy vertical location into their applications and workflows.