NN (NASDAQ:NNBR) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

NN, Inc. (NASDAQ:NNBR) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $1.99 and traded as high as $3.66. NN shares last traded at $3.49, with a volume of 2,210,337 shares changing hands.

Analysts Set New Price Targets

NNBR has been the subject of several research reports. B. Riley Financial downgraded shares of NN from a “buy” rating to a “neutral” rating in a research report on Monday, May 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NN in a research report on Tuesday, April 21st. Finally, Zacks Research raised shares of NN from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $3.00.

NN Stock Performance

The company has a market capitalization of $188.40 million, a price-to-earnings ratio of -3.28 and a beta of 2.56. The stock’s 50 day moving average price is $2.84 and its 200 day moving average price is $2.00. The company has a current ratio of 1.87, a quick ratio of 1.16 and a debt-to-equity ratio of 6.39.

NN (NASDAQ:NNBR) last released its earnings results on Wednesday, May 6th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.07. NN had a positive return on equity of 4.54% and a negative net margin of 7.85%.The business had revenue of $118.45 million for the quarter, compared to the consensus estimate of $106.59 million. Analysts expect that NN, Inc. will post 0.16 earnings per share for the current year.

Insider Activity at NN

In other news, major shareholder John Frederick Barrett sold 555,305 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $2.69, for a total value of $1,493,770.45. Following the completion of the sale, the insider owned 4,717,079 shares of the company’s stock, valued at approximately $12,688,942.51. This represents a 10.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Corre Partners Management, Llc sold 555,305 shares of the firm’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $2.69, for a total transaction of $1,493,770.45. Following the completion of the transaction, the insider directly owned 412,427 shares of the company’s stock, valued at $1,109,428.63. This represents a 57.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,292,614 shares of company stock worth $7,904,463 in the last ninety days. Insiders own 19.60% of the company’s stock.

Institutional Trading of NN

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nantahala Capital Management LLC grew its position in shares of NN by 69.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 2,441,416 shares of the industrial products company’s stock valued at $5,127,000 after acquiring an additional 1,000,000 shares during the period. Paradigm Capital Management Inc. NY raised its holdings in shares of NN by 21.3% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,758,252 shares of the industrial products company’s stock valued at $5,792,000 after purchasing an additional 483,952 shares during the period. RBF Capital LLC lifted its stake in NN by 71.8% in the 1st quarter. RBF Capital LLC now owns 834,929 shares of the industrial products company’s stock valued at $1,211,000 after purchasing an additional 348,945 shares during the last quarter. UBS Group AG lifted its stake in NN by 15,147.1% in the 3rd quarter. UBS Group AG now owns 279,632 shares of the industrial products company’s stock valued at $576,000 after purchasing an additional 277,798 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in NN by 291.0% during the fourth quarter. Renaissance Technologies LLC now owns 367,500 shares of the industrial products company’s stock worth $470,000 after purchasing an additional 273,500 shares during the period. 53.92% of the stock is owned by institutional investors.

About NN

NN, Inc (NASDAQ: NNBR) is a diversified industrial manufacturing company specializing in engineered metal components, powder metal parts and friction materials. Through its subsidiaries, the company develops and produces precision-rolled products for powertrain and chassis applications, engineered friction products for brake and transmission systems, and various metal powders used in automotive, industrial and energy markets. Its offerings span a wide range of component sizes and complexity, from thin‐gauge strips for hybrid and electric vehicle applications to high‐volume sintered parts for commercial and consumer products.

The company’s operations are organized into three business segments.