NextNav (NASDAQ:NN) Trading Down 10.4% After Earnings Miss

Key Points

• NextNav Inc. shares dropped by 10.4% after the company reported weaker than expected earnings, posting a loss of ($0.30) EPS against the anticipated ($0.14).
• The firm's revenue for the quarter was $1.20 million, falling short of the consensus estimate of $1.59 million, indicative of a significant negative net margin of 2,091.01%.
• Insider trading activity shows CEO Mariam Sorond sold 69,853 shares worth approximately $1 million, decreasing her ownership in the company by 4.51%.

NextNav Inc. (NASDAQ:NN - Get Free Report) fell 10.4% on Thursday following a weaker than expected earnings announcement. The company traded as low as $13.90 and last traded at $14.01. 1,516,393 shares changed hands during mid-day trading, an increase of 14% from the average session volume of 1,333,608 shares. The stock had previously closed at $15.63.

The company reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.16). NextNav had a negative net margin of 2,091.01% and a negative return on equity of 193.20%. The firm had revenue of $1.20 million during the quarter, compared to the consensus estimate of $1.59 million.

Insider Transactions at NextNav

In other NextNav news, CEO Mariam Sorond sold 69,853 shares of the stock in a transaction 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 sale, the chief executive officer owned 1,480,505 shares in the company, valued at $21,289,661.90. This represents a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 7.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. AlphaQuest LLC bought a new stake in shares of NextNav in the 2nd quarter worth approximately $25,000. Russell Investments Group Ltd. raised its stake in NextNav by 112.5% during the fourth quarter. Russell Investments Group Ltd. now owns 1,923 shares of the company's stock valued at $30,000 after buying an additional 1,018 shares during the last quarter. Harbor Investment Advisory LLC raised its stake in NextNav by 331.0% during the first quarter. Harbor Investment Advisory LLC now owns 2,155 shares of the company's stock valued at $26,000 after buying an additional 1,655 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in NextNav during the first quarter valued at $73,000. Finally, Golden State Wealth Management LLC lifted its position in NextNav by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 10,000 shares of the company's stock valued at $122,000 after acquiring an additional 5,000 shares in the last quarter. 79.16% of the stock is owned by institutional investors.

NextNav Price Performance

The firm has a market capitalization of $1.87 billion, a P/E ratio of -13.88 and a beta of 1.04. The company has a debt-to-equity ratio of 32.42, a quick ratio of 16.75 and a current ratio of 16.75. The firm has a 50-day moving average of $14.53 and a 200-day moving average of $12.94.

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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