NextNav (NASDAQ:NN) Shares Up 6.8% - Here's Why

Key Points

• NextNav Inc. shares increased by 6.8% during trading, reaching a last traded price of $16.85 compared to a previous close of $15.78.
• The company reported an EPS of ($0.30) for the last quarter, which was lower than the estimated ($0.14), along with revenues of $1.20 million against an expectation of $1.59 million.
• Institutional investors hold a significant portion, with 79.16% of NextNav's stock owned by them, reflecting strong interest from hedge funds like Vanguard Group and Interval Partners.

NextNav Inc. (NASDAQ:NN - Get Free Report)'s share price shot up 6.8% during trading on Tuesday . The company traded as high as $16.73 and last traded at $16.85. 841,207 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 1,342,709 shares. The stock had previously closed at $15.78.

Wall Street Analyst Weigh In

Separately, Zacks Research raised 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 issued a Sell rating to the company's stock. According to MarketBeat, NextNav has an average rating of "Hold" and a consensus target price of $20.00.

NextNav Stock Up 5.0%

The company has a 50 day moving average price of $15.58 and a two-hundred day moving average price of $13.50. The company has a debt-to-equity ratio of 32.42, a current ratio of 14.97 and a quick ratio of 14.97. The stock has a market cap of $2.21 billion, a PE ratio of -12.84 and a beta of 1.05.

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

Insider Activity at NextNav

In related news, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction 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 completion of 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 SEC, which is available at this link. 7.70% of the stock is owned by insiders.

Institutional Trading of NextNav

Several hedge funds have recently bought and sold shares of NN. Interval Partners LP bought a new stake in NextNav during the first quarter valued at about $9,827,000. Vanguard Group Inc. boosted its stake in NextNav by 17.8% during the first quarter. Vanguard Group Inc. now owns 4,732,231 shares of the company's stock valued at $57,591,000 after buying an additional 715,171 shares during the last quarter. Voloridge Investment Management LLC boosted its stake in NextNav by 466.5% during the fourth quarter. Voloridge Investment Management LLC now owns 657,996 shares of the company's stock valued at $10,238,000 after buying an additional 541,842 shares during the last quarter. Troluce Capital Advisors LLC purchased a new stake in NextNav during the first quarter valued at approximately $5,132,000. Finally, First Trust Advisors LP purchased a new stake in NextNav during the second quarter valued at approximately $4,726,000. Institutional investors own 79.16% of the company's stock.

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.

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