NextNav (NASDAQ:NN) Trading Down 10.4% Following Weak Earnings

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)'s stock price traded down 10.4% during trading on Thursday following a dissappointing earnings announcement. The stock 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.16). The company had revenue of $1.20 million for the quarter, compared to the consensus estimate of $1.59 million. NextNav had a negative net margin of 2,678.59% and a negative return on equity of 556.83%.

Insider Activity

In other news, CEO Mariam Sorond sold 69,853 shares of NextNav 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 directly owned 1,480,505 shares in the company, valued at approximately $21,289,661.90. The trade was a 4.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 made changes to their positions in the business. AlphaQuest LLC purchased a new stake in NextNav during the second quarter valued at about $25,000. Harbor Investment Advisory LLC raised its stake in NextNav by 331.0% during the 1st 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. Russell Investments Group Ltd. raised its stake in NextNav by 112.5% during the 4th 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 Capital Advisors Inc. bought a new stake in shares of NextNav during the 1st quarter valued at $73,000. Finally, GAMMA Investing LLC grew its position in shares of NextNav by 1,754.6% during the 1st 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 during the period. 79.16% of the stock is owned by institutional investors and hedge funds.

NextNav Price Performance

The company has a market cap of $1.92 billion, a P/E ratio of -11.19 and a beta of 1.04. The company has a debt-to-equity ratio of 32.42, a quick ratio of 14.97 and a current ratio of 14.97. The firm's fifty day moving average is $14.64 and its two-hundred day moving average is $12.97.

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.