NextNav (NASDAQ:NN) Stock Price Down 5.7% – Here’s What Happened

NextNav Inc. (NASDAQ:NN) fell 5.7% during trading on Wednesday . The company traded as low as $13.00 and last traded at $12.68. 124,891 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 994,881 shares. The stock had previously closed at $13.44.

NextNav Stock Up 2.5 %

The company has a current ratio of 5.01, a quick ratio of 5.01 and a debt-to-equity ratio of 0.81. The company has a 50 day simple moving average of $11.79 and a two-hundred day simple moving average of $12.20. The firm has a market capitalization of $1.71 billion, a P/E ratio of -17.33 and a beta of 1.17.

NextNav (NASDAQ:NN) last issued its earnings results on Wednesday, March 12th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.10). The company had revenue of $1.91 million for the quarter, compared to the consensus estimate of $1.73 million. NextNav had a negative return on equity of 128.95% and a negative net margin of 1,732.92%. On average, equities analysts predict that NextNav Inc. will post -0.74 EPS for the current fiscal year.

Insider Activity

In other news, CEO Mariam Sorond sold 62,868 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $11.23, for a total transaction of $706,007.64. Following the sale, the chief executive officer now directly owns 1,550,358 shares in the company, valued at approximately $17,410,520.34. This represents a 3.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sammaad Shams sold 4,005 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $11.21, for a total transaction of $44,896.05. Following the completion of the transaction, the chief accounting officer now directly owns 81,100 shares of the company’s stock, valued at approximately $909,131. The trade was a 4.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 72,705 shares of company stock worth $816,495 over the last 90 days. Corporate insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On NextNav

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC bought a new position in NextNav during the third quarter valued at $150,000. Charles Schwab Investment Management Inc. boosted its stake in shares of NextNav by 11.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 546,806 shares of the company’s stock worth $4,096,000 after purchasing an additional 57,780 shares during the period. FMR LLC grew its holdings in NextNav by 354.3% during the 3rd quarter. FMR LLC now owns 16,418 shares of the company’s stock valued at $123,000 after purchasing an additional 12,804 shares during the last quarter. 272 Capital LP bought a new position in NextNav during the 3rd quarter valued at about $756,000. Finally, Paloma Partners Management Co purchased a new stake in NextNav in the 3rd quarter worth about $1,060,000. 79.16% of the stock is currently owned by hedge funds and other institutional investors.

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.