NextNav (NASDAQ:NN) Stock Price Up 6.3% - Here's Why

Key Points

• NextNav Inc.'s stock increased by 6.3%, reaching a trading price of $16.52, despite a drop in trading volume of 41% from its average.
• Analysts have set an average price target of $20.00 for the stock, with one rating it as a Buy and another as a Sell.
• The company reported a quarterly loss of ($0.30) EPS, missing estimates, with revenues at $1.20 million, below the expected $1.59 million.

NextNav Inc. (NASDAQ:NN - Get Free Report)'s share price traded up 6.3% during mid-day trading on Monday . The company traded as high as $16.53 and last traded at $16.52. 775,378 shares changed hands during trading, a decline of 41% from the average session volume of 1,308,602 shares. The stock had previously closed at $15.54.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded shares of NextNav to a "strong sell" rating in a report 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 company has a consensus rating of "Hold" and a consensus price target of $20.00.

NextNav Trading Down 0.7%

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 company has a market cap of $2.37 billion, a price-to-earnings ratio of -13.81 and a beta of 1.04. The business's 50-day simple moving average is $15.39 and its 200-day simple moving average is $13.30.

NextNav (NASDAQ:NN - Get Free Report) last announced 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). The business had revenue of $1.20 million for the quarter, compared to analyst estimates of $1.59 million. NextNav had a negative return on equity of 556.83% and a negative net margin of 2,678.59%. Research analysts predict that NextNav Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Buying and Selling at NextNav

In other news, CEO Mariam Sorond sold 69,853 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. 7.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. AlphaQuest LLC acquired a new stake in NextNav in the second quarter valued at $25,000. Harbor Investment Advisory LLC raised its holdings in NextNav by 331.0% in the first quarter. Harbor Investment Advisory LLC now owns 2,155 shares of the company's stock valued at $26,000 after acquiring an additional 1,655 shares in the last quarter. FWL Investment Management LLC acquired a new stake in NextNav in the second quarter valued at $70,000. Harbor Capital Advisors Inc. acquired a new stake in NextNav in the first quarter valued at $73,000. Finally, GAMMA Investing LLC raised its holdings in NextNav by 1,754.6% in the first quarter. GAMMA Investing LLC now owns 10,052 shares of the company's stock valued at $122,000 after acquiring an additional 9,510 shares in the last quarter. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

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.