NextNav (NASDAQ:NN) Shares Gap Down – Here’s What Happened

Shares of NextNav Inc. (NASDAQ:NN) gapped down prior to trading on Wednesday . The stock had previously closed at $11.87, but opened at $11.63. NextNav shares last traded at $11.65, with a volume of 116,295 shares traded.

NextNav Stock Down 2.7 %

The business has a 50-day moving average of $11.82 and a 200 day moving average of $12.01. The company has a market capitalization of $1.52 billion, a PE ratio of -15.41 and a beta of 1.17. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.01 and a quick ratio of 5.01.

NextNav (NASDAQ:NN) last issued 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 for the quarter, compared to analysts’ expectations of $1.73 million. Equities research analysts predict that NextNav Inc. will post -0.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NN. US Bancorp DE purchased a new position in shares of NextNav in the 4th quarter worth approximately $28,000. Russell Investments Group Ltd. lifted its position in NextNav by 112.5% in the fourth quarter. Russell Investments Group Ltd. now owns 1,923 shares of the company’s stock worth $30,000 after buying an additional 1,018 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in NextNav during the fourth quarter worth $78,000. King Luther Capital Management Corp bought a new position in NextNav during the third quarter valued at $90,000. Finally, FMR LLC raised its stake in shares of NextNav by 354.3% in the third quarter. FMR LLC now owns 16,418 shares of the company’s stock valued at $123,000 after acquiring an additional 12,804 shares during the period. Hedge funds and other 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.