Innovative GPS industry firm NextNav (NASDAQ:NN) was in the news on Thursday after it made a key announcement but it did not lead to any boost for its stock, which ended the day with a decline of as much as 6%.
Trading Data
On Thursday, NN stock fell 5.52% to $4.03 with 11.13 million shares, compared to its average volume of 328K shares. The stock moved within a range of $3.9500 – 4.3500 after opening trade at $4.25.
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NextNav, Vizsafe Partner to Bring Vertical Location to the Emergency Services Community
The company announced yesterday that it had gone into a partnership with the company Vizsafe, which is one of the leaders in health, safety, and security services spaces. By way of this partnership, NextNav is going to be able to integrate location services to Geoaware, its GPS platform. The announcement from the company was clearly a significant one but it seems that investors were not quite happy with the turn of events.
On the other hand, the collaboration is expected to be beneficial for Vizsafe as well. The Pinnacle Network from NextNav is going to be integrated into its platform and that is going to allow it to provide its customers with the clearest possible picture in the z-axis location. It can work even across multi-story buildings. Although the stock declined on Thursday, it could still be a good idea for investors to consider keeping an eye on the NextNav stock.
Key Quote
“With our proven Geoaware platform, Vizsafe will now be able to provide an entirely new degree of C4ISR multidimensional awareness, visualization, and crisis management by leveraging NextNav’s Pinnacle z-axis service. We pride ourselves on ensuring that our solutions reduce risk, optimize resources, minimize time to respond, and enhance the safety of all served. As such, bringing the power of vertical location into Geoaware allows us to stay true to that commitment without compromising operational or platform integrity,” said Peter Mottur, Founder and CEO of Vizsafe. “The partnership with NextNav provides a powerful third dimension to our Software as a Service application, and allows for more robust positioning, mapping, and tracking capabilities to our clients in urban and suburban areas where indoor vertical location services are mission-critical.”
Technical Data
NN stock is trading below the 20-Day and 50-Day Moving averages of $5.53 and $6.79 respectively. Moreover, the stock is trading below the 200-Day moving average of $8.29.
