NextNav (NASDAQ:NN) Releases Earnings Results, Misses Expectations By $0.16 EPS

Key Points

• NextNav reported a quarterly loss of ($0.30) earnings per share, missing analysts' expectations of ($0.14) by ($0.16), along with revenues of $1.20 million versus a consensus of $1.59 million.
• The company's stock traded down $0.26 to hit $13.75, with a market capitalization of $1.82 billion and a negative PE ratio of -10.66.
• CEO Mariam Sorond sold 69,853 shares at an average price of $14.38, resulting in a 4.51% decrease in her ownership of the company.

NextNav (NASDAQ:NN - Get Free Report) posted its earnings results 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), Zacks reports. NextNav had a negative net margin of 2,678.59% and a negative return on equity of 556.83%. The business had revenue of $1.20 million during the quarter, compared to analyst estimates of $1.59 million.

NextNav Stock Performance

Shares of NASDAQ NN traded up $0.06 during trading hours on Wednesday, hitting $14.79. 431,049 shares of the company's stock were exchanged, compared to its average volume of 1,335,534. The company's 50-day moving average price is $14.70 and its 200-day moving average price is $12.98. NextNav has a 1-year low of $6.47 and a 1-year high of $18.54. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of -11.45 and a beta of 1.04. The company has a debt-to-equity ratio of 32.42, a current ratio of 14.97 and a quick ratio of 14.97.

Insider Transactions at NextNav

In related news, CEO Mariam Sorond sold 69,853 shares of the company's stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 1,480,505 shares in the company, valued at $21,289,661.90. This represents a 4.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of NextNav by 8.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company's stock valued at $579,000 after purchasing an additional 3,543 shares during the period. New York State Common Retirement Fund increased its stake in shares of NextNav by 43.1% in the second quarter. New York State Common Retirement Fund now owns 27,872 shares of the company's stock valued at $424,000 after buying an additional 8,400 shares in the last quarter. Prudential Financial Inc. acquired a new position in shares of NextNav during the second quarter worth approximately $162,000. Legal & General Group Plc increased its stake in shares of NextNav by 23.3% in the 2nd quarter. Legal & General Group Plc now owns 68,946 shares of the company's stock valued at $1,048,000 after buying an additional 13,027 shares during the period. Finally, Creative Planning lifted its position in NextNav by 81.5% during the 2nd quarter. Creative Planning now owns 29,184 shares of the company's stock valued at $444,000 after purchasing an additional 13,109 shares during the period. Institutional investors own 79.16% of the company's stock.

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.