NN (NASDAQ:NNBR) Share Price Crosses Below 200-Day Moving Average – Here’s Why

NN, Inc. (NASDAQ:NNBR) shares crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $2.75 and traded as low as $2.65. NN shares last traded at $2.67, with a volume of 6,372,963 shares.

Analysts Set New Price Targets

Several research firms have recently commented on NNBR. Wall Street Zen lowered shares of NN from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of NN in a research note on Thursday, October 15th. Zacks Research upgraded NN from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 9th. Lake Street Capital reaffirmed a “buy” rating and issued a $7.00 target price on shares of NN in a research note on Friday, August 7th. Finally, Craig Hallum started coverage on NN in a report on Monday, July 20th. They set a “buy” rating and a $7.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $5.67.

NN Stock Performance

The company has a market capitalization of $250.30 million, a PE ratio of -3.10 and a beta of 2.74. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.07 and a current ratio of 1.75. The stock’s fifty day simple moving average is $3.61 and its 200-day simple moving average is $2.75.

NN (NASDAQ:NNBR) last released its quarterly earnings results on Wednesday, October 28th. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.05. The company had revenue of $131.10 million for the quarter, compared to analysts’ expectations of $118.10 million. NN had a negative net margin of 5.43% and a positive return on equity of 25.25%. As a group, equities analysts predict that NN, Inc. will post 0.20 earnings per share for the current year.

Institutional Trading of NN

Hedge funds have recently bought and sold shares of the company. AIGH Capital Management LLC grew its stake in 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 acquiring an additional 7,520,036 shares during the period. Corre Partners Management LLC purchased a new position in shares of NN during the 2nd quarter worth $4,446,707. BlackRock Inc. purchased a new position in shares of NN during the 2nd quarter worth $2,743,000. Ranger Investment Management L.P. purchased a new position in shares of NN during the 2nd quarter worth $2,040,000. Finally, Walleye Capital LLC acquired a new stake in shares of NN during the second quarter worth $1,962,000. Institutional investors and hedge funds own 53.92% of the company’s stock.

About NN

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.