NextNav Inc. $NN Stock Position Increased by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in NextNav Inc. by 32% in the first quarter, owning 940,335 shares valued at approximately $11.44 million.
• CEO Mariam Sorond sold 69,853 shares of NextNav stock on June 20, resulting in a 4.51% decrease in her ownership.
• NextNav reported a significant net loss during its recent earnings, with a negative net margin of 2,678.59% and missing revenue expectations.

Invesco Ltd. increased its holdings in shares of NextNav Inc. (NASDAQ:NN - Free Report) by 32.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 940,335 shares of the company's stock after purchasing an additional 227,950 shares during the period. Invesco Ltd. owned 0.71% of NextNav worth $11,444,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of NN. Harbor Investment Advisory LLC raised its position 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 buying an additional 1,655 shares during the last quarter. Russell Investments Group Ltd. raised its position 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 buying an additional 1,018 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in NextNav during the 1st quarter worth $73,000. GAMMA Investing LLC raised its position 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 buying an additional 9,510 shares during the last quarter. Finally, Golden State Wealth Management LLC raised its position 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 buying an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 79.16% of the company's stock.

NextNav Stock Performance

NASDAQ:NN traded down $0.13 during trading hours on Friday, reaching $17.81. 1,484,488 shares of the stock were exchanged, compared to its average volume of 1,213,017. The stock has a market capitalization of $2.37 billion, a P/E ratio of -13.81 and a beta of 1.04. NextNav Inc. has a 52 week low of $6.75 and a 52 week high of $18.54. The company has a quick ratio of 14.97, a current ratio of 14.97 and a debt-to-equity ratio of 32.42. The firm has a 50 day simple moving average of $15.39 and a 200-day simple moving average of $13.30.

NextNav (NASDAQ:NN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.16). The company had revenue of $1.20 million during the quarter, compared to the consensus estimate 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, sell-side analysts forecast that NextNav Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Mariam Sorond sold 69,853 shares of the firm's stock in a transaction that occurred on 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 sale, the chief executive officer owned 1,480,505 shares of the company's stock, valued at approximately $21,289,661.90. This trade represents a 4.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 7.70% of the company's stock.

Analyst Upgrades and Downgrades

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

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.