NN (NASDAQ:NNBR) Shares Cross Below 200 Day Moving Average – Here’s What Happened

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 traded.

Analysts Set New Price Targets

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

NN Stock Up 3.0%

The company’s fifty day moving average price is $3.59 and its 200-day moving average price is $2.75. The stock has a market cap of $257.79 million, a P/E ratio of -3.20 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.

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

Institutional Trading of NN

Several institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. purchased a new position in NN in the 3rd quarter worth about $1,283,000. Jefferies Financial Group Inc. purchased a new stake in NN in the 3rd quarter valued at about $319,000. Penn Capital Management Company LLC purchased a new stake in NN in the 3rd quarter valued at about $1,175,000. CenterBook Partners LP bought a new position in NN in the 3rd quarter worth about $215,000. Finally, 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 in the last quarter. 53.92% of the stock is currently owned by institutional investors.

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.