NN (NASDAQ:NNBR) Shares Pass Above 200-Day Moving Average – Here’s Why

NN, Inc. (NASDAQ:NNBR)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.60 and traded as high as $2.52. NN shares last traded at $2.42, with a volume of 697,740 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 note on Monday, May 11th. Zacks Research upgraded shares of NN from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NN in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, NN has a consensus rating of “Reduce” and a consensus target price of $3.00.

NN Stock Up 2.5%

The business’s fifty day moving average price is $1.93 and its 200 day moving average price is $1.60. The company has a quick ratio of 1.16, a current ratio of 1.87 and a debt-to-equity ratio of 6.39. The firm has a market capitalization of $127.70 million, a PE ratio of -2.22, a PEG ratio of 0.44 and a beta of 2.54.

NN (NASDAQ:NNBR) last announced 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. NN had a negative net margin of 7.85% and a positive return on equity of 4.54%. The business had revenue of $118.45 million during the quarter, compared to analysts’ expectations of $106.59 million. On average, equities research analysts forecast that NN, Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Raymond T. White sold 18,782 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $2.41, for a total transaction of $45,264.62. Following the transaction, the director directly owned 858,283 shares in the company, valued at $2,068,462.03. The trade was a 2.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder John Frederick Barrett sold 136,165 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $2.63, for a total transaction of $358,113.95. Following the transaction, the insider owned 4,568,715 shares in the company, valued at approximately $12,015,720.45. This trade represents a 2.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 3,292,614 shares of company stock valued at $7,904,463. Insiders own 19.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Two Sigma Investments LP acquired a new position in shares of NN during the third quarter worth about $27,000. Hudson Bay Capital Management LP acquired a new position in shares of NN during the second quarter worth about $29,000. Virtu Financial LLC acquired a new position in shares of NN during the fourth quarter worth about $30,000. Quinn Opportunity Partners LLC acquired a new position in shares of NN during the fourth quarter worth about $32,000. Finally, Squarepoint Ops LLC acquired a new position in shares of NN during the third quarter worth about $88,000. 53.92% of the stock is currently owned by institutional investors and hedge funds.

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.