NextNav (NASDAQ:NN) Announces Earnings Results

NextNav (NASDAQ:NN) announced its quarterly earnings results on Thursday. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.03, FiscalAI reports. The company had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.94 million.

NextNav Price Performance

Shares of NN stock traded up $1.15 during trading hours on Thursday, hitting $22.18. 4,749,716 shares of the company’s stock were exchanged, compared to its average volume of 1,865,410. The stock’s 50-day moving average is $17.79 and its 200-day moving average is $15.99. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of -14.40 and a beta of 1.03. NextNav has a 52 week low of $10.84 and a 52 week high of $24.19.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NN. B. Riley Financial reiterated a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Wall Street Zen cut NextNav from a “hold” rating to a “strong sell” rating in a research report on Saturday, March 21st. UBS Group set a $25.00 price target on NextNav in a research report on Thursday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research report on Tuesday, April 21st. Finally, Oppenheimer upgraded NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a research report on Thursday, April 16th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $25.00.

Insiders Place Their Bets

In other news, CFO Timothy Gray sold 1,405 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $18.11, for a total transaction of $25,444.55. Following the sale, the chief financial officer owned 131,786 shares in the company, valued at approximately $2,386,644.46. This represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mariam Sorond sold 11,322 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $16.85, for a total value of $190,775.70. Following the completion of the transaction, the chief executive officer owned 1,259,624 shares in the company, valued at approximately $21,224,664.40. This represents a 0.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 101,133 shares of company stock worth $1,733,594 over the last ninety days. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On NextNav

Several hedge funds have recently added to or reduced their stakes in NN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in NextNav by 8.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,539 shares of the company’s stock valued at $579,000 after acquiring an additional 3,543 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in NextNav by 34.5% in the first quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company’s stock valued at $5,705,000 after acquiring an additional 120,123 shares during the last quarter. Creative Planning boosted its holdings in NextNav by 81.5% in the second quarter. Creative Planning now owns 29,184 shares of the company’s stock valued at $444,000 after acquiring an additional 13,109 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in NextNav by 33.7% in the second quarter. JPMorgan Chase & Co. now owns 61,772 shares of the company’s stock valued at $939,000 after acquiring an additional 15,565 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in NextNav by 23.3% in the second quarter. Legal & General Group Plc now owns 68,946 shares of the company’s stock valued at $1,048,000 after buying an additional 13,027 shares during the period. Institutional investors own 79.16% of the company’s stock.

About NextNav

NextNav, Inc is a provider of advanced 3D geolocation infrastructure and positioning services in the United States. The company operates a nationwide network designed to deliver real-time horizontal and vertical location data for consumer, enterprise and public safety applications. By leveraging spectrum holdings in the 900 MHz band, NextNav’s network offers precise altitude and position information that complements GPS and other satellite systems, particularly in urban canyons, indoors or underground environments where traditional signals struggle.

At the core of NextNav’s offering is its TerraPoiNT platform, which enables developers, carriers and emergency response centers to integrate high-accuracy vertical location into their applications and workflows.