Wittenberg Investment Management Inc. Acquires New Stake 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 position in shares of NextNav Inc. (NASDAQ:NN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 25,000 shares of the company's stock, valued at approximately $304,000.

A number of other hedge funds have also recently made changes to their positions in NN. Harbor Investment Advisory LLC grew its holdings in shares of 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 during the last quarter. Russell Investments Group Ltd. grew its holdings in NextNav by 112.5% in the 4th quarter. Russell Investments Group Ltd. now owns 1,923 shares of the company's stock worth $30,000 after acquiring an additional 1,018 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in NextNav in the 1st quarter worth $73,000. GAMMA Investing LLC increased its position in shares of NextNav by 1,754.6% in the first quarter. GAMMA Investing LLC now owns 10,052 shares of the company's stock valued at $122,000 after acquiring an additional 9,510 shares during the period. Finally, Golden State Wealth Management LLC raised its stake in shares of NextNav by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 10,000 shares of the company's stock valued at $122,000 after acquiring an additional 5,000 shares during the last quarter. 79.16% of the stock is currently owned by institutional investors.

NextNav Trading Down 1.9%

Shares of NASDAQ NN traded down $0.26 during midday trading on Friday, hitting $13.75. 1,726,797 shares of the company traded hands, compared to its average volume of 1,308,535. NextNav Inc. has a 12-month low of $6.47 and a 12-month high of $18.54. The firm has a market cap of $1.82 billion, a P/E ratio of -10.66 and a beta of 1.04. The stock has a 50-day moving average price of $14.58 and a 200 day moving average price of $12.95. The company has a debt-to-equity ratio of 32.42, a quick ratio of 16.75 and a current ratio of 14.97.

NextNav (NASDAQ:NN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.16). The firm had revenue of $1.20 million during 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%. As a group, analysts expect that NextNav Inc. will post -0.74 earnings per share for the current year.

Insider Buying and Selling at NextNav

In other news, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $14.38, for a total value of $1,004,486.14. Following the completion of the transaction, the chief executive officer owned 1,480,505 shares of the company's stock, valued at $21,289,661.90. The trade was a 4.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.70% of the stock is owned by insiders.

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.