NextNav (NASDAQ:NN) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

NextNav (NASDAQ:NN) announced its earnings results on Thursday. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.02, Zacks reports. NextNav had a negative return on equity of 3,452.23% and a negative net margin of 3,109.88%.The business had revenue of $0.89 million during the quarter, compared to the consensus estimate of $1.13 million.

NextNav Price Performance

Shares of NASDAQ:NN traded up $0.66 during midday trading on Friday, hitting $12.50. The company’s stock had a trading volume of 1,362,831 shares, compared to its average volume of 1,372,905. The company has a market cap of $1.68 billion, a P/E ratio of -9.62 and a beta of 0.99. NextNav has a 12-month low of $9.05 and a 12-month high of $18.54. The business’s 50 day simple moving average is $14.73 and its 200 day simple moving average is $14.40. The company has a debt-to-equity ratio of 32.42, a quick ratio of 14.97 and a current ratio of 14.97.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Zacks Research raised shares of NextNav from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $20.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP purchased a new stake in shares of NextNav in the second quarter valued at approximately $4,726,000. Bank of America Corp DE boosted its stake in NextNav by 159.9% during the second quarter. Bank of America Corp DE now owns 373,817 shares of the company’s stock worth $5,682,000 after buying an additional 229,988 shares during the last quarter. Gilder Gagnon Howe & Co. LLC purchased a new stake in NextNav in the 2nd quarter valued at $3,005,000. Marshall Wace LLP acquired a new stake in shares of NextNav in the 2nd quarter worth $2,221,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of NextNav by 34.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 468,748 shares of the company’s stock worth $5,705,000 after acquiring an additional 120,123 shares during the period. 79.16% of the stock is currently owned by institutional investors and hedge funds.

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.