NextNav (NASDAQ:NN) Shares Gap Down on Disappointing Earnings

Shares of NextNav Inc. (NASDAQ:NN) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $10.27, but opened at $9.83. NextNav shares last traded at $12.56, with a volume of 625,178 shares changing hands.

The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.10). The business had revenue of $1.91 million during the quarter, compared to the consensus estimate of $1.73 million. NextNav had a negative return on equity of 128.95% and a negative net margin of 1,732.92%.

Analysts Set New Price Targets

Separately, B. Riley boosted their price target 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 Buying and Selling at NextNav

In related news, SVP Arun Raghupathy sold 3,332 shares of NextNav stock in a transaction on Monday, December 16th. The shares were sold at an average price of $18.32, for a total value of $61,042.24. Following the sale, the senior vice president now owns 1,087,019 shares in the company, valued at $19,914,188.08. The trade was a 0.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Christian D. Gates sold 3,918 shares of NextNav stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $17.65, for a total transaction of $69,152.70. Following the completion of the sale, the chief financial officer now owns 815,722 shares in the company, valued at approximately $14,397,493.30. This trade represents a 0.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,908 shares of company stock valued at $141,851 in the last quarter. Company insiders own 11.30% of the company’s stock.

Institutional Trading of NextNav

Several large investors have recently added to or reduced their stakes in NN. US Bancorp DE purchased a new stake in NextNav in the fourth quarter worth $28,000. Russell Investments Group Ltd. grew its stake in NextNav by 112.5% in the fourth quarter. Russell Investments Group Ltd. now owns 1,923 shares of the company’s stock worth $30,000 after purchasing an additional 1,018 shares during the period. Golden State Wealth Management LLC purchased a new stake in NextNav in the fourth quarter worth $78,000. King Luther Capital Management Corp purchased a new stake in NextNav in the third quarter worth $90,000. Finally, FMR LLC increased its position in NextNav by 354.3% during the 3rd quarter. FMR LLC now owns 16,418 shares of the company’s stock valued at $123,000 after buying an additional 12,804 shares in the last quarter. Institutional investors own 79.16% of the company’s stock.

NextNav Stock Up 9.1 %

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 50 day simple moving average of $12.00 and a 200-day simple moving average of $11.86. The firm has a market cap of $1.46 billion, a PE ratio of -14.93 and a beta of 1.17.

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.