Wittenberg Investment Management Inc. Invests $304,000 in NextNav Inc. (NASDAQ:NN)

Key Points

• Wittenberg Investment Management Inc. has acquired 25,000 shares of NextNav Inc., valued at approximately $304,000, indicating growing institutional interest in the company.
• NextNav recently reported a quarterly earnings loss with an EPS of ($0.15), missing analysts' expectations and showing a negative return on equity of 193.20%.
• Institutional investors collectively own 79.16% of NextNav's stock, reflecting significant investor confidence in the company's long-term prospects.

Wittenberg Investment Management Inc. purchased a new stake in NextNav Inc. (NASDAQ:NN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 25,000 shares of the company's stock, valued at approximately $304,000.

Other hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings in NextNav by 112.5% during the 4th 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 last quarter. Harbor Investment Advisory LLC raised its holdings in NextNav by 331.0% during the 1st 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 during the last quarter. Harbor Capital Advisors Inc. bought a new position in NextNav during the 1st quarter worth approximately $73,000. Golden State Wealth Management LLC raised its holdings in NextNav by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 10,000 shares of the company's stock worth $122,000 after purchasing an additional 5,000 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in NextNav by 1,754.6% during the 1st quarter. GAMMA Investing LLC now owns 10,052 shares of the company's stock worth $122,000 after purchasing an additional 9,510 shares during the last quarter. 79.16% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other NextNav news, CEO Mariam Sorond sold 69,853 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $14.38, for a total transaction of $1,004,486.14. Following the transaction, the chief executive officer directly owned 1,480,505 shares in the company, valued at $21,289,661.90. This trade represents a 4.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.70% of the stock is owned by corporate insiders.

NextNav Stock Up 4.6%

NASDAQ NN traded up $0.63 during mid-day trading on Monday, hitting $14.38. The company's stock had a trading volume of 585,485 shares, compared to its average volume of 1,339,259. The company's 50 day simple moving average is $14.58 and its 200 day simple moving average is $12.95. NextNav Inc. has a twelve month low of $6.47 and a twelve month high of $18.54. The company has a current ratio of 14.97, a quick ratio of 14.97 and a debt-to-equity ratio of 32.42. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of -11.14 and a beta of 1.04.

NextNav (NASDAQ:NN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.16). The firm had revenue of $1.20 million for the quarter, compared to analysts' expectations of $1.59 million. NextNav had a negative return on equity of 556.83% and a negative net margin of 2,678.59%. Analysts anticipate that NextNav Inc. will post -0.74 earnings per share for the current year.

NextNav 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.