NextNav (NASDAQ:NN) Shares Down 5.7% - Here's What Happened

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

NextNav Stock Performance

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 market capitalization of $1.70 billion, a PE ratio of -17.21 and a beta of 1.17. The firm's 50-day simple moving average is $11.79 and its 200-day simple moving average is $12.28.

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

Insider Buying and Selling

In other NextNav news, CFO Christian D. Gates sold 5,730 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $11.24, for a total value of $64,405.20. Following the completion of the sale, the chief financial officer now directly owns 857,206 shares in the company, valued at $9,634,995.44. This trade represents a 0.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mariam Sorond sold 62,868 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $11.23, for a total value of $706,007.64. Following the completion of the sale, the chief executive officer now directly owns 1,550,358 shares of the company's stock, valued at approximately $17,410,520.34. This represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 72,705 shares of company stock valued at $816,495 over the last three months. 15.70% of the stock is owned by company insiders.

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Institutional Trading of NextNav

Institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System increased its holdings in shares of NextNav by 14.9% in the fourth quarter. California State Teachers Retirement System now owns 49,229 shares of the company's stock valued at $766,000 after purchasing an additional 6,385 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in NextNav by 57.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,302 shares of the company's stock worth $1,670,000 after buying an additional 39,222 shares during the last quarter. Voloridge Investment Management LLC lifted its stake in NextNav by 466.5% during the 4th quarter. Voloridge Investment Management LLC now owns 657,996 shares of the company's stock valued at $10,238,000 after acquiring an additional 541,842 shares during the period. Waverly Advisors LLC purchased a new stake in shares of NextNav in the 4th quarter valued at $535,000. Finally, Squarepoint Ops LLC purchased a new position in shares of NextNav during the fourth quarter worth $2,316,000. 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.