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

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

NextNav Trading Up 5.6%

NN stock traded up $0.66 during trading on Friday, reaching $12.50. The company had a trading volume of 1,362,831 shares, compared to its average volume of 1,372,905. The company has a debt-to-equity ratio of 32.42, a current ratio of 14.97 and a quick ratio of 14.97. NextNav has a 52 week low of $9.05 and a 52 week high of $18.54. The business has a 50 day moving average of $14.73 and a 200 day moving average of $14.40. The company has a market cap of $1.68 billion, a P/E ratio of -9.62 and a beta of 0.99.

Wall Street Analysts Forecast Growth

NN has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of NextNav in a report on Wednesday, October 8th. Zacks Research upgraded NextNav from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, NextNav currently has an average rating of “Hold” and an average price target of $20.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its stake in shares of NextNav by 64.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 8,918 shares of the company’s stock valued at $136,000 after purchasing an additional 3,493 shares during the period. Prudential Financial Inc. purchased a new stake in NextNav in the second quarter worth $162,000. Tower Research Capital LLC TRC raised its holdings in NextNav by 727.8% in the second quarter. Tower Research Capital LLC TRC now owns 10,885 shares of the company’s stock worth $165,000 after purchasing an additional 9,570 shares in the last quarter. Corient Private Wealth LLC purchased a new position in NextNav during the second quarter valued at $260,000. Finally, Brevan Howard Capital Management LP purchased a new position in NextNav during the second quarter valued at $314,000. Hedge funds and other institutional investors own 79.16% of the company’s stock.

About NextNav

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.