NextNav Inc. (NASDAQ:NN) to Post Q3 2023 Earnings of ($0.15) Per Share, B. Riley Forecasts

Posted by Defense World Staff on Aug 14th, 2023

NextNav Inc. (NASDAQ:NN – Free Report) – Investment analysts at B. Riley upped their Q3 2023 earnings per share estimates for NextNav in a note issued to investors on Thursday, August 10th. B. Riley analyst M. Crawford now anticipates that the company will post earnings per share of ($0.15) for the quarter, up from their prior forecast of ($0.16). The consensus estimate for NextNav’s current full-year earnings is ($0.56) per share. B. Riley also issued estimates for NextNav’s FY2023 earnings at ($0.59) EPS, FY2024 earnings at ($0.69) EPS, FY2025 earnings at ($0.52) EPS and FY2026 earnings at ($0.38) EPS.

NextNav Stock Up 19.0 %

Shares of NextNav stock opened at $4.50 on Monday. The business’s 50 day simple moving average is $3.06 and its 200 day simple moving average is $2.63. NextNav has a 52-week low of $1.59 and a 52-week high of $5.21. The firm has a market cap of $486.99 million, a PE ratio of -7.50 and a beta of 1.83. The company has a debt-to-equity ratio of 0.36, a quick ratio of 6.33 and a current ratio of 9.28.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. MetLife Investment Management LLC boosted its stake in shares of NextNav by 35.8% during the 2nd quarter. MetLife Investment Management LLC now owns 35,131 shares of the company’s stock worth $103,000 after acquiring an additional 9,259 shares during the period. Citigroup Inc. boosted its stake in NextNav by 17,421.7% in the 2nd quarter. Citigroup Inc. now owns 16,120 shares of the company’s stock valued at $47,000 after purchasing an additional 16,028 shares during the period. Rhumbline Advisers boosted its stake in NextNav by 146.1% in the 2nd quarter. Rhumbline Advisers now owns 194,549 shares of the company’s stock valued at $572,000 after purchasing an additional 115,481 shares during the period. Royce & Associates LP bought a new stake in NextNav in the 2nd quarter valued at $985,000. Finally, Perigon Wealth Management LLC boosted its stake in NextNav by 49.7% in the 2nd quarter. Perigon Wealth Management LLC now owns 22,600 shares of the company’s stock valued at $66,000 after purchasing an additional 7,500 shares during the period. 78.17% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other NextNav news, CFO Christian D. Gates sold 24,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $2.20, for a total transaction of $52,800.00. Following the transaction, the chief financial officer now owns 736,801 shares of the company’s stock, valued at approximately $1,620,962.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 50,394 shares of company stock valued at $116,365 in the last 90 days. 15.70% of the stock is currently owned by insiders.

NextNav Company Profile

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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, which is based on three primary components comprising an altitude station network, device software, and secure cloud services platform.