NN (NASDAQ:NNBR) Major Shareholder Sells $178,655.68 in Stock

Key Points

• Corre Partners Management sold 79,757 NNBR shares on April 20 at an average of $2.24 (worth $178,655.68), reducing its direct stake to 601,037 shares (an 11.72% cut); the firm executed a series of additional sales that amount to roughly 933,247 shares sold for over $2.0 million across mid- to late-April.
• NN, Inc. shares jumped 7.8% to $2.36 on Wednesday with ~1.11M shares traded; the company has a market cap of ~$118.45M, a negative P/E (-2.21) and a high debt-to-equity ratio (4.52), indicating leverage and continued earnings pressure.
• Institutional investors own about 53.92% of NNBR and analysts are mixed—MarketBeat shows a consensus rating of "Reduce" with a $3.00 price target, based on one Buy and two Sell ratings.

NN, Inc. (NASDAQ:NNBR - Get Free Report) major shareholder Corre Partners Management, Llc sold 79,757 shares of NN stock in a transaction on Monday, April 20th. The shares were sold at an average price of $2.24, for a total value of $178,655.68. Following the sale, the insider directly owned 601,037 shares of the company's stock, valued at approximately $1,346,322.88. The trade was a 11.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Corre Partners Management, Llc also recently made the following trade(s):

• On Wednesday, April 22nd, Corre Partners Management, Llc sold 94,380 shares of NN stock. The shares were sold at an average price of $2.30, for a total value of $217,074.00.
• On Tuesday, April 21st, Corre Partners Management, Llc sold 55,483 shares of NN stock. The shares were sold at an average price of $2.21, for a total value of $122,617.43.
• On Friday, April 17th, Corre Partners Management, Llc sold 348,161 shares of NN stock. The shares were sold at an average price of $2.29, for a total value of $797,288.69.
• On Thursday, April 16th, Corre Partners Management, Llc sold 40,030 shares of NN stock. The stock was sold at an average price of $2.04, for a total value of $81,661.20.
• On Wednesday, April 15th, Corre Partners Management, Llc sold 315,436 shares of NN stock. The stock was sold at an average price of $2.06, for a total value of $649,798.16.

NN Stock Up 7.8%

Shares of NASDAQ:NNBR traded up $0.17 on Wednesday, reaching $2.36. The company had a trading volume of 1,110,874 shares, compared to its average volume of 1,102,762. NN, Inc. has a twelve month low of $1.10 and a twelve month high of $2.63. The stock has a 50-day moving average price of $1.59 and a 200 day moving average price of $1.53. The stock has a market capitalization of $118.45 million, a P/E ratio of -2.21, a P/E/G ratio of 0.42 and a beta of 2.21. The company has a quick ratio of 1.09, a current ratio of 1.83 and a debt-to-equity ratio of 4.52.

Institutional Trading of NN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NNBR. XTX Topco Ltd acquired a new position in shares of NN during the second quarter worth approximately $156,000. Marshall Wace LLP grew its stake in shares of NN by 334.0% in the second quarter. Marshall Wace LLP now owns 257,234 shares of the industrial products company's stock worth $540,000 after acquiring an additional 197,960 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in NN during the second quarter worth $147,000. Jane Street Group LLC acquired a new position in NN during the 2nd quarter valued at $233,000. Finally, Nantahala Capital Management LLC boosted its holdings in NN by 69.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 2,441,416 shares of the industrial products company's stock valued at $5,127,000 after purchasing an additional 1,000,000 shares during the period. Institutional investors and hedge funds own 53.92% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on NNBR shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NN in a research report on Thursday, January 22nd. Zacks Research cut NN from a "hold" rating to a "strong sell" rating in a research report on Wednesday, March 11th. Finally, B. Riley Financial reduced their price target on NN from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Friday, March 6th. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, NN has an average rating of "Reduce" and a consensus price target of $3.00.

About NN

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.

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