NextNav (NASDAQ:NN) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Key Points

• NextNav reported a quarterly loss of $0.04 per share, beating the consensus estimate of a $0.12 loss by $0.08. Revenue was $1.58 million, above analysts’ $0.99 million expectation.
• Shares fell $0.52 to $8.40 in Tuesday mid-day trading. The stock’s 52-week range is $7.60 to $24.42.
• Analysts’ average rating is Moderate Buy, with a consensus price target of $32.33; ratings range from Strong Buy to Sell.

NextNav (NASDAQ:NN - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.08, FiscalAI reports. The firm had revenue of $1.58 million for the quarter, compared to analysts' expectations of $0.99 million. NextNav had a negative return on equity of 211.25% and a negative net margin of 3,232.19%.

NextNav Stock Performance

NASDAQ:NN traded down $0.52 during mid-day trading on Tuesday, reaching $8.40. The stock had a trading volume of 2,134,801 shares, compared to its average volume of 2,425,658. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -8.66 and a beta of 1.20. NextNav has a twelve month low of $7.60 and a twelve month high of $24.42. The business has a 50 day simple moving average of $12.70 and a 200 day simple moving average of $16.22.

Insider Buying and Selling at NextNav

In other NextNav news, CFO Timothy Gray sold 11,099 shares of the business's stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $14.64, for a total transaction of $162,489.36. Following the transaction, the chief financial officer owned 120,687 shares in the company, valued at approximately $1,766,857.68. The trade was a 8.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mariam Sorond sold 2,831 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $14.72, for a total value of $41,672.32. Following the transaction, the chief executive officer directly owned 1,168,961 shares of the company's stock, valued at approximately $17,207,105.92. This trade represents a 0.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 87,667 shares of company stock valued at $1,331,153. 7.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NN. Clear Str raised NextNav to a "strong-buy" rating in a research report on Monday, September 21st. Zacks Research lowered NextNav from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 20th. Wall Street Zen cut NextNav from a "hold" rating to a "sell" rating in a research note on Sunday, September 27th. Wells Fargo & Company reaffirmed a "buy" rating on shares of NextNav in a report on Monday, September 21st. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of NextNav in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, NextNav presently has an average rating of "Moderate Buy" and a consensus target price of $32.33.

NextNav Company Profile

NextNav, Inc. develops positioning, navigation and timing technologies designed to complement and help provide alternatives to satellite-based GPS. Its services support location-aware applications in environments where GPS signals may be limited, including indoors and in urban areas. The company's offerings include Pinnacle, a service that provides vertical location information, such as a device's floor or height within a building, and TerraPoiNT, a terrestrial network designed to deliver positioning and timing signals.

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