NN, Inc. (NASDAQ:NNBR) Sees Significant Increase in Short Interest

NN, Inc. (NASDAQ:NNBR) saw a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 6,187,554 shares, an increase of 76.3% from the September 30th total of 3,509,517 shares. Based on an average trading volume of 3,443,951 shares, the short-interest ratio is currently 1.8 days. Currently, 7.0% of the shares of the stock are sold short.

Institutional Trading of NN

Institutional investors and hedge funds have recently made changes to their positions in the business. AIGH Capital Management LLC boosted its position in shares of NN by 65,414.4% in the 3rd quarter. AIGH Capital Management LLC now owns 7,531,532 shares of the industrial products company’s stock worth $27,641,000 after purchasing an additional 7,520,036 shares during the last quarter. State of Wyoming acquired a new stake in shares of NN during the third quarter worth $36,000. Kings Path Partners LLC acquired a new stake in shares of NN during the third quarter worth $157,000. State Street Corp grew its stake in shares of NN by 6.6% during the second quarter. State Street Corp now owns 224,344 shares of the industrial products company’s stock worth $805,000 after purchasing an additional 13,835 shares during the period. Finally, Ameritas Advisory Services LLC bought a new stake in NN in the second quarter valued at about $54,000. Institutional investors own 53.92% of the company’s stock.

NN Trading Down 5.3%

NASDAQ:NNBR traded down $0.21 on Monday, hitting $3.72. 2,787,727 shares of the stock were exchanged, compared to its average volume of 2,978,565. The stock has a market capitalization of $348.71 million, a price-to-earnings ratio of 19.00 and a beta of 2.65. NN has a 52 week low of $1.10 and a 52 week high of $4.79. The company has a debt-to-equity ratio of 7.70, a quick ratio of 1.08 and a current ratio of 1.79. The company’s 50-day moving average price is $3.63 and its 200 day moving average price is $2.72.

NN (NASDAQ:NNBR) last issued its earnings results on Wednesday, October 28th. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.05. The company had revenue of $131.10 million for the quarter, compared to analyst estimates of $118.10 million. NN had a negative net margin of 5.43% and a positive return on equity of 43.10%. On average, equities research analysts forecast that NN will post 0.15 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on NNBR shares. Lake Street Capital reissued a “buy” rating and set a $7.00 price target on shares of NN in a research note on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of NN in a research report on Thursday, October 15th. Wall Street Zen downgraded NN from a “buy” rating to a “hold” rating in a report on Saturday. Zacks Research raised NN from a “hold” rating to a “strong-buy” rating in a report on Friday, October 9th. Finally, Craig Hallum started coverage on NN in a research report on Monday, July 20th. They issued a “buy” rating and a $7.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $5.67.

NN Company Profile

NN, Inc (NASDAQ: NNBR) is a diversified industrial manufacturer that produces highly engineered components and assemblies for customers in the automotive, electrical, industrial, aerospace, and medical markets. Its products are designed for applications that require precision, durability, and consistent performance.

The company’s manufacturing capabilities have included precision machining, metal forming, plastic injection molding, and the production of complex assemblies. NN, Inc has supplied components used in systems such as automotive powertrains, electrical and industrial equipment, medical devices, and other specialized products.

Founded in 1980 as NN Ball & Roller, the company expanded beyond its original bearing-component operations through acquisitions and later adopted the NN, Inc name.