NextNav (NASDAQ:NN) Announces Earnings Results, Beats Estimates By $0.03 EPS

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

NextNav Stock Up 5.1%

Shares of NextNav stock traded up $1.07 during mid-day trading on Thursday, reaching $22.10. 4,032,217 shares of the stock traded hands, compared to its average volume of 1,848,260. NextNav has a fifty-two week low of $10.84 and a fifty-two week high of $24.19. The stock has a market capitalization of $3.01 billion, a PE ratio of -14.35 and a beta of 1.03. The business has a 50-day moving average of $17.79 and a 200 day moving average of $15.99.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, CEO Mariam Sorond sold 11,322 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $16.85, for a total value of $190,775.70. Following the completion of the sale, the chief executive officer owned 1,259,624 shares of the company’s stock, valued at approximately $21,224,664.40. This trade represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sammaad Shams sold 3,945 shares of the stock in a transaction that occurred on Thursday, March 26th. The shares were sold at an average price of $19.54, for a total value of $77,085.30. Following the completion of the sale, the chief accounting officer directly owned 72,950 shares of the company’s stock, valued at approximately $1,425,443. This represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 101,133 shares of company stock worth $1,733,594 in the last three months. Company insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On NextNav

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp grew its position in NextNav by 79.5% in the fourth quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company’s stock worth $22,955,000 after acquiring an additional 611,179 shares during the period. Susquehanna Advisors Group Inc. grew its position in NextNav by 12.1% in the third quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company’s stock worth $77,325,000 after acquiring an additional 584,804 shares during the period. Philosophy Capital Management LLC purchased a new position in NextNav in the third quarter worth approximately $7,791,000. First Trust Advisors LP purchased a new position in NextNav in the second quarter worth approximately $4,726,000. Finally, Bank of America Corp DE grew its position in NextNav by 159.9% in the second quarter. Bank of America Corp DE now owns 373,817 shares of the company’s stock worth $5,682,000 after acquiring an additional 229,988 shares during the period. Institutional investors and hedge funds 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.