Empyrean Capital Partners LP Raises Position in NextNav Inc. $NN

Key Points

• Empyrean Capital Partners LP increased its stake in NextNav Inc. by 21.7%, acquiring an additional 300,000 shares, bringing its total ownership to 1,685,000 shares.
• NextNav's CEO, Mariam Sorond, sold 69,853 shares of the company at an average price of $14.38, a move that decreased her position by 4.51%.
• NextNav recently posted a quarterly earnings report with an EPS of ($0.30), missing analysts' expectations, while having a negative return on equity of 556.83%.

Empyrean Capital Partners LP lifted its position in shares of NextNav Inc. (NASDAQ:NN - Free Report) by 21.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,685,000 shares of the company's stock after purchasing an additional 300,000 shares during the period. NextNav comprises approximately 0.7% of Empyrean Capital Partners LP's portfolio, making the stock its 26th largest position. Empyrean Capital Partners LP owned approximately 1.27% of NextNav worth $20,506,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in NextNav by 17.8% during the 1st quarter. Vanguard Group Inc. now owns 4,732,231 shares of the company's stock worth $57,591,000 after acquiring an additional 715,171 shares in the last quarter. General American Investors Co. Inc. raised its stake in NextNav by 31.0% during the 1st quarter. General American Investors Co. Inc. now owns 1,120,227 shares of the company's stock worth $13,633,000 after acquiring an additional 265,227 shares in the last quarter. Invesco Ltd. raised its stake in NextNav by 32.0% during the 1st quarter. Invesco Ltd. now owns 940,335 shares of the company's stock worth $11,444,000 after acquiring an additional 227,950 shares in the last quarter. Northern Trust Corp raised its stake in NextNav by 12.8% during the 4th quarter. Northern Trust Corp now owns 702,396 shares of the company's stock worth $10,929,000 after acquiring an additional 79,813 shares in the last quarter. Finally, Voloridge Investment Management LLC raised its stake in NextNav by 466.5% during the 4th quarter. Voloridge Investment Management LLC now owns 657,996 shares of the company's stock worth $10,238,000 after acquiring an additional 541,842 shares in the last quarter. 79.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded shares of NextNav to a "strong sell" rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $20.00.

NextNav Stock Performance

NASDAQ NN traded up $0.18 during trading on Friday, reaching $16.05. The company's stock had a trading volume of 1,345,142 shares, compared to its average volume of 1,264,968. The company has a debt-to-equity ratio of 32.42, a quick ratio of 14.97 and a current ratio of 14.97. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of -12.44 and a beta of 1.05. NextNav Inc. has a twelve month low of $6.75 and a twelve month high of $18.54. The business's fifty day moving average price is $15.57 and its 200-day moving average price is $13.46.

NextNav (NASDAQ:NN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.16). The business had revenue of $1.20 million during the quarter, compared to analyst estimates of $1.59 million. NextNav had a negative net margin of 2,678.59% and a negative return on equity of 556.83%. As a group, analysts anticipate that NextNav Inc. will post -0.74 EPS for the current fiscal 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 shares were sold at an average price of $14.38, for a total value of $1,004,486.14. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.70% of the stock is currently owned by insiders.

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.