NN (NASDAQ:NNBR) Stock Price Passes Above 200 Day Moving Average – Here’s Why

NN, Inc. (NASDAQ:NNBR) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $1.85 and traded as high as $2.92. NN shares last traded at $2.63, with a volume of 563,019 shares changing hands.

Analyst Ratings Changes

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

NN Price Performance

The company has a market cap of $145.65 million, a price-to-earnings ratio of -2.53 and a beta of 2.59. The company has a fifty day moving average price of $2.62 and a two-hundred day moving average price of $1.86. 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 issued its earnings results on Wednesday, May 6th. The industrial products company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.07. The business had revenue of $118.45 million during the quarter, compared to analyst estimates of $106.59 million. NN had a positive return on equity of 4.54% and a negative net margin of 7.85%. As a group, equities research analysts anticipate that NN, Inc. will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Corre Partners Management, Llc sold 555,305 shares of the business’s stock in a transaction 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 sale, the insider owned 412,427 shares of the company’s stock, valued at $1,109,428.63. The trade was a 57.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder John Frederick Barrett sold 555,305 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were 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 in the company, valued at $12,688,942.51. This trade represents a 10.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 3,292,614 shares of company stock valued at $7,904,463. 19.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NN

Several institutional investors have recently added to or reduced their stakes in NNBR. XTX Topco Ltd boosted its holdings in shares of NN by 29.3% in the 4th quarter. XTX Topco Ltd now owns 73,920 shares of the industrial products company’s stock worth $95,000 after acquiring an additional 16,732 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in NN during the 4th quarter valued at $77,000. Captrust Financial Advisors acquired a new stake in NN during the 4th quarter valued at $90,000. Quinn Opportunity Partners LLC bought a new position in NN in the 4th quarter valued at $32,000. Finally, J.W. Cole Advisors Inc. raised its position in NN by 11.9% in the 4th quarter. J.W. Cole Advisors Inc. now owns 90,600 shares of the industrial products company’s stock valued at $116,000 after purchasing an additional 9,600 shares during the last quarter. 53.92% of the stock is owned by institutional investors.

NN Company Profile

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.