Christian D. Gates, the Chief Financial Officer of NEXTNAV INC. (NASDAQ:NN (NASDAQ:NNBR)), has sold a total of 24,831 shares of the company's common stock. The transaction took place on May 14, 2024, with the shares sold at a price of $7.66 each, amounting to a total value of over $190,000.
The sale was made to satisfy tax obligations related to the vesting of restricted stock units (RSUs), as indicated in the footnotes of the SEC filing. Following the transaction, Gates still holds 824,985 shares of NextNav Inc., representing his remaining stake in the company.
NextNav Inc. specializes in search, detection, navigation, guidance, and aeronautical systems, and operates under the industrial classification of Search, Detection, Navigation, Guidance, Aeronautical Systems. The company, with a state of incorporation in Delaware, is headquartered in McLean, Virginia.
Investors often monitor the buying and selling activities of company insiders as it can provide insights into their perspective on the company's current valuation and future prospects. The sale by the CFO of NextNav Inc. is a transaction that might be of interest to current and potential shareholders.
The company's common stock is traded on the NASDAQ with the ticker symbol NN , and as of the last reporting, the company is identified under the former name Spartacus Acquisition Shelf Corp., which changed on June 3, 2021.
This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, dated May 15, 2024. The filing provides transparency into the trades made by company executives, directors, and other significant shareholders.
InvestingPro Insights
Following the recent insider transaction at NEXTNAV INC. (NASDAQ:NN), where the CFO, Christian D. Gates, sold shares, it's essential to consider the company's financial health and market performance. According to InvestingPro data, NextNav Inc. has a market capitalization of $902.84 million, which provides a sense of the company's size in the competitive aeronautical systems industry.
Despite the insider sale, NextNav Inc. has demonstrated notable market performance. The company's stock has seen a strong return of 202.83% over the last year, indicating significant investor confidence and a potentially bullish outlook for the stock. This is complemented by a substantial three-month price total return of 82.0%, showcasing a recent uptrend in the stock's performance.
However, the company's financial metrics reveal challenges. The gross profit margin stands at a negative 206.06%, reflecting costs that exceed revenues, which is a concern for profitability. This is in line with one of the InvestingPro Tips, which points out that NextNav Inc. suffers from weak gross profit margins. Additionally, analysts do not anticipate the company will be profitable this year, as indicated by another InvestingPro Tip. Investors may find these insights particularly relevant when assessing the potential risks associated with the company's stock.
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