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

Shares of NextNav Inc. (NASDAQ:NN) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $13.93, but opened at $13.34. NextNav shares last traded at $13.65, with a volume of 7,311 shares changing hands.

The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The business had revenue of $1.54 million during the quarter, compared to analysts’ expectations of $1.87 million. NextNav had a negative return on equity of 128.95% and a negative net margin of 1,732.92%.

Insider Buying and Selling at NextNav

In other news, CEO Mariam Sorond sold 62,868 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $11.23, for a total transaction of $706,007.64. Following the transaction, the chief executive officer now owns 1,550,358 shares of the company’s stock, valued at approximately $17,410,520.34. This represents a 3.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Sammaad Shams sold 4,005 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $11.21, for a total value of $44,896.05. Following the completion of the sale, the chief accounting officer now owns 81,100 shares in the company, valued at approximately $909,131. The trade was a 4.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,705 shares of company stock worth $816,495 over the last ninety days. Company insiders own 7.70% of the company’s stock.

Institutional Trading of NextNav

A number of hedge funds and other institutional investors have recently bought and sold shares of NN. Harbor Investment Advisory LLC grew its stake in NextNav by 331.0% in the first quarter. Harbor Investment Advisory LLC now owns 2,155 shares of the company’s stock worth $26,000 after purchasing an additional 1,655 shares in the last quarter. US Bancorp DE bought a new position in shares of NextNav during the 4th quarter worth $28,000. Russell Investments Group Ltd. increased its stake in shares of NextNav by 112.5% during the fourth quarter. Russell Investments Group Ltd. now owns 1,923 shares of the company’s stock valued at $30,000 after buying an additional 1,018 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in NextNav in the first quarter worth about $73,000. Finally, Golden State Wealth Management LLC bought a new position in NextNav during the 4th quarter worth about $78,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

NextNav Stock Down 5.8 %

The company has a current ratio of 5.01, a quick ratio of 5.01 and a debt-to-equity ratio of 0.81. The firm has a market cap of $1.74 billion, a PE ratio of -17.49 and a beta of 1.03. The business’s 50-day simple moving average is $12.03 and its 200 day simple moving average is $13.21.

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.