NextNav (NASDAQ:NN) Announces Quarterly Earnings Results

NextNav (NASDAQ:NN) released its quarterly earnings data on Tuesday. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.08, FiscalAI reports. NextNav had a negative net margin of 3,232.19% and a negative return on equity of 211.25%. The firm had revenue of $1.58 million for the quarter, compared to the consensus estimate of $0.99 million.

NextNav Price Performance

Shares of NN stock traded down $0.52 on Tuesday, hitting $8.40. The stock had a trading volume of 2,176,789 shares, compared to its average volume of 2,430,858. The business has a 50 day moving average of $12.70 and a 200 day moving average of $16.22. NextNav has a 12-month low of $7.60 and a 12-month high of $24.42. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -8.66 and a beta of 1.20.

Insider Buying and Selling

In other NextNav news, General Counsel James S. Black sold 1,878 shares of NextNav stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $15.34, for a total transaction of $28,808.52. Following the transaction, the general counsel owned 89,810 shares of the company’s stock, valued at $1,377,685.40. This trade represents a 2.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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, CEO Mariam Sorond sold 69,853 shares of NextNav stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.30, for a total transaction of $1,068,750.90. Following the transaction, the chief executive officer directly owned 1,171,792 shares in the company, valued at approximately $17,928,417.60. This represents a 5.63% 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. Over the last ninety days, insiders have sold 87,667 shares of company stock worth $1,331,153. 7.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NN has been the subject of several recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of NextNav in a research report on Thursday, October 15th. Wells Fargo & Company restated a “buy” rating on shares of NextNav in a report on Monday, September 21st. Wall Street Zen cut shares of NextNav from a “hold” rating to a “sell” rating in a research report on Sunday, September 27th. Clear Str upgraded NextNav to a “strong-buy” rating in a research note on Monday, September 21st. Finally, Zacks Research lowered NextNav from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.33.

About NextNav

NextNav, Inc. develops positioning, navigation and timing technologies designed to complement and help provide alternatives to satellite-based GPS. Its services support location-aware applications in environments where GPS signals may be limited, including indoors and in urban areas. The company’s offerings include Pinnacle, a service that provides vertical location information, such as a device’s floor or height within a building, and TerraPoiNT, a terrestrial network designed to deliver positioning and timing signals.