NextNav (NASDAQ:NN) Announces Earnings Results

NextNav (NASDAQ:NN) released its quarterly earnings data on Tuesday. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08), FiscalAI reports. The business had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $0.92 million.

NextNav Trading Up 15.6%

Shares of NASDAQ NN traded up $2.40 during midday trading on Tuesday, hitting $17.83. 10,925,221 shares of the company’s stock were exchanged, compared to its average volume of 2,202,853. The business’s fifty day moving average price is $16.67 and its two-hundred day moving average price is $17.38. The company has a market cap of $2.43 billion, a price-to-earnings ratio of -14.74 and a beta of 1.10. NextNav has a 12-month low of $10.87 and a 12-month high of $24.42.

Insider Buying and Selling at NextNav

In other news, CEO Mariam Sorond sold 2,830 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.33, for a total transaction of $51,873.90. Following the transaction, the chief executive officer directly owned 1,241,665 shares in the company, valued at approximately $22,759,719.45. This represents a 0.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Sammaad Shams sold 2,006 shares of the firm’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $17.84, for a total value of $35,787.04. Following the transaction, the chief accounting officer directly owned 70,944 shares in the company, valued at approximately $1,265,640.96. This represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 76,567 shares of company stock worth $1,522,252 over the last three months. 7.80% of the stock is owned by insiders.

Institutional Investors Weigh In On NextNav

A number of hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 worth $579,000 after purchasing an additional 3,543 shares during the last quarter. Amundi boosted its holdings in shares of NextNav by 20.4% during the second quarter. Amundi now owns 34,566 shares of the company’s stock worth $534,000 after purchasing an additional 5,848 shares during the period. Occudo Quantitative Strategies LP purchased a new stake in NextNav in the 4th quarter worth approximately $481,000. Creative Planning lifted its holdings in NextNav by 13.4% in the 3rd quarter. Creative Planning now owns 33,102 shares of the company’s stock worth $473,000 after buying an additional 3,918 shares during the period. Finally, Tidal Investments LLC grew its position in shares of NextNav by 42.3% in the 2nd quarter. Tidal Investments LLC now owns 27,568 shares of the company’s stock worth $419,000 after buying an additional 8,201 shares during the last quarter. 79.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NN shares. Odeon Capital Group initiated coverage on NextNav in a research report on Monday, July 20th. They set a “buy” rating and a $22.00 target price on the stock. B. Riley Financial reissued a “buy” rating on shares of NextNav in a research report on Thursday, April 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a report on Friday, July 17th. Oppenheimer boosted their target price on shares of NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Finally, Zacks Research raised shares of NextNav from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $32.33.

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.