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

NextNav Inc. (NASDAQ:NN - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $12.17, but opened at $11.91. NextNav shares last traded at $11.94, with a volume of 214,753 shares traded.

NextNav Stock Down 5.0 %

The firm has a 50 day moving average of $11.72 and a 200-day moving average of $12.41. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.01 and a quick ratio of 5.01. The stock has a market capitalization of $1.56 billion, a P/E ratio of -15.85 and a beta of 1.17.

NextNav (NASDAQ:NN - Get Free Report) last posted its earnings results on Wednesday, March 12th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate 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 research analysts expect that NextNav Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Christian D. Gates sold 5,730 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $11.24, for a total value of $64,405.20. Following the transaction, the chief financial officer now directly owns 857,206 shares in the company, valued at approximately $9,634,995.44. This represents a 0.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Sammaad Shams sold 4,005 shares of NextNav stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $11.21, for a total value of $44,896.05. Following the completion of the transaction, the chief accounting officer now owns 81,100 shares in the company, valued at approximately $909,131. This represents a 4.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 72,705 shares of company stock worth $816,495 in the last three months. Insiders own 15.70% of the company's stock.

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Institutional Investors Weigh In On NextNav

A number of institutional investors have recently made changes to their positions in NN. Fleming James B JR bought a new stake in NextNav during the fourth quarter worth $80,618,000. Susquehanna Advisors Group Inc. bought a new position in shares of NextNav in the 4th quarter worth approximately $67,648,000. Vanguard Group Inc. boosted its stake in NextNav by 23.3% in the 4th quarter. Vanguard Group Inc. now owns 4,017,060 shares of the company's stock worth $62,505,000 after purchasing an additional 759,775 shares in the last quarter. Ancora Advisors LLC grew its stake in shares of NextNav by 14.9% in the fourth quarter. Ancora Advisors LLC now owns 2,016,250 shares of the company's stock worth $31,373,000 after acquiring an additional 261,000 shares during the period. Finally, State Street Corp increased its holdings in NextNav by 1.1% during the third quarter. State Street Corp now owns 2,010,131 shares of the company's stock valued at $15,056,000 after buying an additional 22,152 shares during the last quarter. Institutional investors own 79.16% of the company's stock.

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.