NextNav (NASDAQ:NN) Stock Price Down 5.3% – Time to Sell?

NextNav Inc. (NASDAQ:NN)’s stock price dropped 5.3% during trading on Wednesday . The stock traded as low as $15.30 and last traded at $15.35. Approximately 765,486 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 867,195 shares. The stock had previously closed at $16.21.

Analysts Set New Price Targets

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

NextNav Stock Up 2.1 %

The business has a 50-day simple moving average of $10.21 and a 200-day simple moving average of $8.62. 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 company has a market cap of $2.05 billion, a price-to-earnings ratio of -20.72 and a beta of 0.94.

Insider Activity at NextNav

In other NextNav news, Director Neil S. Subin acquired 125,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were acquired at an average price of $6.93 per share, for a total transaction of $866,250.00. Following the acquisition, the director now owns 2,490,213 shares in the company, valued at $17,257,176.09. The trade was a 5.28 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 15.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NextNav

Several institutional investors have recently added to or reduced their stakes in NN. Vanguard Group Inc. grew its holdings in shares of NextNav by 37.7% during the first quarter. Vanguard Group Inc. now owns 3,238,196 shares of the company’s stock worth $21,307,000 after purchasing an additional 887,075 shares during the last quarter. Wolf Hill Capital Management LP boosted its position in shares of NextNav by 14.6% in the 2nd quarter. Wolf Hill Capital Management LP now owns 2,123,062 shares of the company’s stock valued at $17,218,000 after purchasing an additional 269,754 shares during the period. Marshall Wace LLP purchased a new position in NextNav during the 2nd quarter worth approximately $1,571,000. Bank of New York Mellon Corp increased its position in NextNav by 47.9% during the second quarter. Bank of New York Mellon Corp now owns 217,143 shares of the company’s stock worth $1,761,000 after buying an additional 70,343 shares during the period. Finally, DigitalBridge Group Inc. acquired a new position in NextNav during the second quarter worth approximately $1,741,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

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.