NextNav (NASDAQ:NN) Issues Earnings Results, Misses Expectations By $0.08 EPS

NextNav (NASDAQ:NN) released its quarterly earnings results 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 company had revenue of $1.15 million for the quarter, compared to analyst estimates of $0.92 million.

NextNav Stock Up 15.6%

NN stock traded up $2.40 during trading on Tuesday, hitting $17.83. 11,079,169 shares of the company’s stock traded hands, compared to its average volume of 2,210,457. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of -14.74 and a beta of 1.10. NextNav has a 52 week low of $10.87 and a 52 week high of $24.42. The stock has a fifty day moving average price of $16.67 and a two-hundred day moving average price of $17.38.

Insider Transactions at NextNav

In other news, General Counsel James S. Black sold 1,878 shares of NextNav stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $22.96, for a total value of $43,118.88. Following the completion of the transaction, the general counsel directly owned 91,688 shares of the company’s stock, valued at approximately $2,105,156.48. The trade was a 2.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $17.84, for a total transaction of $35,787.04. Following the sale, the chief accounting officer directly owned 70,944 shares of the company’s stock, valued at approximately $1,265,640.96. This represents a 2.75% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last three months, insiders have sold 76,567 shares of company stock worth $1,522,252. 7.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NextNav

Institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd raised its position in shares of NextNav by 347.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,217 shares of the company’s stock worth $37,000 after purchasing an additional 1,721 shares during the period. Kemnay Advisory Services Inc. acquired a new position in NextNav during the 4th quarter valued at approximately $97,000. Osterweis Capital Management Inc. acquired a new position in NextNav during the 4th quarter valued at approximately $109,000. Kestra Advisory Services LLC bought a new position in NextNav during the 4th quarter worth $116,000. Finally, BNP Paribas Financial Markets grew its stake in NextNav by 64.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,918 shares of the company’s stock worth $136,000 after buying an additional 3,493 shares during the last quarter. 79.16% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on NN shares. UBS Group set a $25.00 price objective on NextNav in a research note on Thursday, April 16th. Oppenheimer upped their target price on NextNav from $25.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. Zacks Research upgraded NextNav from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research report on Friday, July 17th. Finally, B. Riley Financial restated a “buy” rating on shares of NextNav in a research note on Thursday, April 23rd. 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, the company has an average rating of “Moderate Buy” and an average target price of $32.33.

NextNav Company Profile

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.