Whitefort Capital Management LP Lowers Stock Holdings in NextNav Inc. (NASDAQ:NN)

Whitefort Capital Management LP trimmed its stake in shares of NextNav Inc. (NASDAQ:NN - Free Report) by 16.5% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 1,252,831 shares of the company's stock after selling 247,823 shares during the quarter. NextNav comprises about 4.3% of Whitefort Capital Management LP's portfolio, making the stock its 9th biggest holding. Whitefort Capital Management LP owned approximately 0.99% of NextNav worth $9,384,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp lifted its stake in NextNav by 1.1% in the 3rd quarter. State Street Corp now owns 2,010,131 shares of the company's stock valued at $15,056,000 after purchasing an additional 22,152 shares during the last quarter. Paloma Partners Management Co acquired a new stake in NextNav during the 3rd quarter valued at approximately $1,060,000. 272 Capital LP bought a new position in NextNav during the 3rd quarter worth approximately $756,000. FMR LLC lifted its position in shares of NextNav by 354.3% in the 3rd quarter. FMR LLC now owns 16,418 shares of the company's stock worth $123,000 after purchasing an additional 12,804 shares during the period. Finally, Wittenberg Investment Management Inc. bought a new position in NextNav during the third quarter worth $366,000. 79.16% of the stock is currently owned by institutional investors and hedge funds.

NextNav Stock Down 0.8 %

Shares of NASDAQ NN traded down $0.14 during mid-day trading on Friday, reaching $16.90. 495,969 shares of the company's stock traded hands, compared to its average volume of 875,948. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.01 and a quick ratio of 5.01. NextNav Inc. has a 1-year low of $3.55 and a 1-year high of $18.10. The stock has a market cap of $2.18 billion, a P/E ratio of -22.72 and a beta of 1.13. The business has a 50-day simple moving average of $12.04 and a 200 day simple moving average of $9.22.

Analysts Set New Price Targets

Separately, B. Riley increased their target price on shares of NextNav from $12.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th.

Insider Activity

In other news, CEO Mariam Sorond sold 200,000 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 1,574,117 shares of the company's stock, valued at $25,815,518.80. This represents a 11.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 201,459 shares of company stock worth $3,300,854 over the last 90 days. 15.70% of the stock is currently owned by corporate insiders.

NextNav Company Profile

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.