NextNav (NASDAQ:NN) Shares Down 5.3% - What's Next?

NextNav Inc. (NASDAQ:NN - Get Free Report)'s stock price was down 5.3% during trading on Wednesday . The stock traded as low as $15.11 and last traded at $15.32. Approximately 734,722 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 1,158,414 shares. The stock had previously closed at $16.17.

NextNav Trading Down 1.2%

The company's 50-day moving average is $13.96 and its 200-day moving average is $12.80. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of -14.13 and a beta of 1.05. The company has a debt-to-equity ratio of 32.42, a quick ratio of 16.75 and a current ratio of 16.75.

NextNav (NASDAQ:NN - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.01). NextNav had a negative net margin of 2,091.01% and a negative return on equity of 193.20%. The company had revenue of $1.54 million during the quarter, compared to the consensus estimate of $1.87 million. On average, research analysts predict that NextNav Inc. will post -0.74 earnings per share for the current year.

Insiders Place Their Bets

In other NextNav news, CEO Mariam Sorond sold 69,853 shares of the company'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 transaction 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. This represents a 4.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 7.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NextNav

Several hedge funds have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. increased its position in NextNav by 15.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 6,888 shares of the company's stock worth $105,000 after buying an additional 898 shares during the period. Russell Investments Group Ltd. increased 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 period. Harbor Investment Advisory LLC increased its position in NextNav by 71.0% during the 2nd quarter. Harbor Investment Advisory LLC now owns 3,685 shares of the company's stock worth $56,000 after buying an additional 1,530 shares during the period. The Manufacturers Life Insurance Company increased its position in NextNav by 5.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 30,753 shares of the company's stock worth $479,000 after buying an additional 1,563 shares during the period. Finally, Perigon Wealth Management LLC increased its position in NextNav by 5.6% during the 1st quarter. Perigon Wealth Management LLC now owns 38,000 shares of the company's stock worth $462,000 after buying an additional 2,000 shares during the period. Institutional investors and hedge funds 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.