NN (NASDAQ:NNBR) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• NN shares crossed above their 200-day moving average, reaching $3.41 before closing at $3.33, compared with a 200-day average of $2.59.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $5.67; targets include a $7.00 forecast from Lake Street Capital.
• NN reported quarterly revenue of $128.74 million, exceeding estimates of $116.09 million, while institutional and hedge-fund investors own approximately 53.92% of the stock.

NN, Inc. (NASDAQ:NNBR - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.59 and traded as high as $3.41. NN shares last traded at $3.33, with a volume of 1,052,276 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wall Street Zen cut shares of NN from a "buy" rating to a "hold" rating in a research report on Sunday, August 16th. Weiss Ratings reissued a "sell (d-)" rating on shares of NN in a report on Friday, July 17th. Lake Street Capital reissued a "buy" rating and issued a $7.00 target price on shares of NN in a report on Friday, August 7th. B. Riley Financial cut NN from a "buy" rating to a "neutral" rating in a research note on Monday, May 11th. Finally, Zacks Research raised NN from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $5.67.

NN Price Performance

The company has a debt-to-equity ratio of 7.70, a quick ratio of 1.08 and a current ratio of 1.79. The stock's 50-day moving average is $3.51 and its 200 day moving average is $2.59. The stock has a market capitalization of $274.99 million, a PE ratio of -3.47 and a beta of 2.61.

NN (NASDAQ:NNBR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The industrial products company reported $0.11 EPS for the quarter. NN had a negative net margin of 6.21% and a positive return on equity of 20.38%. The firm had revenue of $128.74 million for the quarter, compared to analyst estimates of $116.09 million. As a group, equities analysts expect that NN, Inc. will post 0.13 earnings per share for the current year.

Institutional Trading of NN

Institutional investors and hedge funds have recently made changes to their positions in the company. Ameritas Advisory Services LLC acquired a new stake in shares of NN in the 2nd quarter valued at about $54,000. AXQ Capital LP acquired a new position in NN during the second quarter worth approximately $62,000. Susquehanna Fundamental Investments LLC acquired a new position in NN during the second quarter worth approximately $311,000. Two Sigma Securities LLC acquired a new position in NN during the second quarter worth approximately $85,000. Finally, Empowered Funds LLC purchased a new stake in NN in the second quarter valued at approximately $375,000. 53.92% of the stock is owned by hedge funds and other institutional investors.

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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