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

NextNav Inc. (NASDAQ:NN) shares gapped down before the market opened 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 changing hands.

NextNav Stock Performance

The business has a 50-day moving average of $11.82 and a 200 day moving average of $12.01. 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 company has a market cap of $1.52 billion, a PE ratio of -15.41 and a beta of 1.17.

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 analysts’ consensus estimates of ($0.15) by ($0.10). NextNav had a negative net margin of 1,732.92% and a negative return on equity of 128.95%. The business had revenue of $1.91 million for the quarter, compared to the consensus estimate of $1.73 million. Equities research analysts anticipate that NextNav Inc. will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On NextNav

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in shares of NextNav by 11.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 546,806 shares of the company’s stock valued at $4,096,000 after acquiring an additional 57,780 shares in the last quarter. 272 Capital LP purchased a new position in NextNav in the 3rd quarter worth approximately $756,000. Geode Capital Management LLC boosted its stake in NextNav by 10.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,691,508 shares of the company’s stock worth $12,672,000 after purchasing an additional 158,455 shares during the period. Paloma Partners Management Co bought a new position in NextNav in the 3rd quarter worth approximately $1,060,000. Finally, Wittenberg Investment Management Inc. purchased a new stake in NextNav during the 3rd quarter valued at approximately $366,000. 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.