NextNav (NASDAQ:NN) Stock Price Up 6.6% – Here’s What Happened

Shares of NextNav Inc. (NASDAQ:NN) traded up 6.6% during trading on Friday . The company traded as high as $17.91 and last traded at $17.83. 204,682 shares were traded during mid-day trading, a decline of 77% from the average session volume of 871,892 shares. The stock had previously closed at $16.73.

Analyst Upgrades and Downgrades

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

NextNav Price Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 5.01 and a quick ratio of 5.01. The stock has a market cap of $2.24 billion, a P/E ratio of -23.19 and a beta of 0.94. The company’s 50 day simple moving average is $11.26 and its 200 day simple moving average is $8.97.

Institutional Trading of NextNav

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in NextNav by 37.7% in the first quarter. Vanguard Group Inc. now owns 3,238,196 shares of the company’s stock valued at $21,307,000 after acquiring an additional 887,075 shares during the last quarter. Wolf Hill Capital Management LP raised its holdings in shares of NextNav by 14.6% during the 2nd quarter. Wolf Hill Capital Management LP now owns 2,123,062 shares of the company’s stock worth $17,218,000 after buying an additional 269,754 shares in the last quarter. Empyrean Capital Partners LP lifted its position in shares of NextNav by 56.6% during the 2nd quarter. Empyrean Capital Partners LP now owns 660,845 shares of the company’s stock worth $5,359,000 after buying an additional 238,845 shares during the last quarter. DigitalBridge Group Inc. acquired a new stake in NextNav in the second quarter valued at about $1,741,000. Finally, Marshall Wace LLP bought a new position in NextNav in the second quarter valued at about $1,571,000. 79.16% of the stock is currently 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.