NextNav (NASDAQ:NN) Shares Gap Down on Disappointing Earnings

Shares of NextNav Inc. (NASDAQ:NN) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $10.27, but opened at $9.83. NextNav shares last traded at $12.56, with a volume of 625,178 shares.

The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.10). NextNav had a negative return on equity of 128.95% and a negative net margin of 1,732.92%. The company had revenue of $1.91 million for the quarter, compared to analyst estimates of $1.73 million.

Insider Activity at NextNav

In other NextNav news, SVP Arun Raghupathy sold 3,332 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $18.32, for a total value of $61,042.24. Following the transaction, the senior vice president now directly owns 1,087,019 shares of the company’s stock, valued at approximately $19,914,188.08. The trade was a 0.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Christian D. Gates sold 3,918 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $17.65, for a total transaction of $69,152.70. Following the completion of the sale, the chief financial officer now owns 815,722 shares of the company’s stock, valued at $14,397,493.30. This trade represents a 0.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,908 shares of company stock worth $141,851 in the last 90 days. 11.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in NextNav by 11.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 546,806 shares of the company’s stock valued at $4,096,000 after buying an additional 57,780 shares in the last quarter. 272 Capital LP purchased a new position in NextNav in the 3rd quarter valued at approximately $756,000. Geode Capital Management LLC raised its holdings in NextNav by 10.3% during the third quarter. Geode Capital Management LLC now owns 1,691,508 shares of the company’s stock worth $12,672,000 after purchasing an additional 158,455 shares during the last quarter. Paloma Partners Management Co purchased a new stake in NextNav during the third quarter worth $1,060,000. Finally, Wittenberg Investment Management Inc. purchased a new stake in NextNav during the third quarter worth $366,000. 79.16% of the stock is owned by hedge funds and other institutional investors.

NextNav Price Performance

The company has a market cap of $1.44 billion, a price-to-earnings ratio of -14.72 and a beta of 1.17. The company has a fifty day simple moving average of $11.90 and a two-hundred day simple moving average of $11.89. The company has a quick ratio of 5.01, a current ratio of 5.01 and a debt-to-equity ratio of 0.81.

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.