Sunday, June 26, 2022

Taking a Closer Look At NN Inc. (NNBR) Following Its Recent Trade

NN Inc.’s recent filing unveils that its Director Faria Joao V acquired Company’s shares for reported $20006.0 on May 20. In the deal valued at $2.60 per share,7,700 shares were bought. As a result of this transaction, Faria Joao V now holds 57,777 shares worth roughly $ 0.15 million.

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Then, BENVENUTI RAYNARD D. bought 10,000 shares, generating $24,140 in total proceeds. Upon buying the shares at $2.41, the Director now owns 20,000 shares.

Before that, Corre Partners Management, LLC bought 454,767 shares. NN Inc. shares valued at $1,086,939 were divested by the 10% Owner at a price of $2.39 per share. As a result of the transaction, Corre Partners Management, LLC now holds 4,451,434 shares, worth roughly $11.17 million.

Meanwhile, KeyBanc Capital Markets downgraded its NN Inc. [NNBR] rating to a Sector weight from a an Overweight in a research note published on Tuesday. A number of analysts have revised their coverage, including CJS Securities’s analysts, who decreased its forecast for the stock in early April from “a Market outperform” to “a Market perform”. CJS Securities also remained covering NNBR and has increased its forecast on September 22, 2020 with a “Market outperform” recommendation from previously “Market perform” rating. William Blair revised its rating on November 11, 2019. It rated NNBR as “an Outperform” which previously was an “a Mkt perform”.

Price Performance Review of NNBR

On Tuesday, NN Inc. [NASDAQ:NNBR] saw its stock fall -4.92% to $2.51. On the same session, the stock had its day’s lowest price of $2.39, but rose to a high of $2.68. Over the last five days, the stock has lost -19.03%. NN Inc. shares have fallen nearly -38.78% since the year began. Nevertheless, the stocks have fallen -65.33% over the past one year. While a 52-week high of $7.77 was reached on 01/03/22, a 52-week low of $2.16 was recorded on 05/16/22. SMA at 50 days reached $2.78, while 200 days put it at $3.85. A total of 0.73 million shares were traded, compared to the trading of 0.31 million shares in the previous session.

Levels Of Support And Resistance For NNBR Stock

The 24-hour chart illustrates a support level at 2.37, which if violated will result in even more drops to 2.24. On the upside, there is a resistance level at 2.66. A further resistance level may holdings at 2.82. The Relative Strength Index (RSI) on the 14-day chart is 40.37, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.33, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 90.16%. Stochastics %K at 7.16% indicates the stock is a buying.

How much short interest is there in NN Inc.?

A steep rise in short interest was recorded in NN Inc. stocks on Apr 28, 2022, growing by 0.76 million shares to a total of 2.99 million shares. Yahoo Finance data shows the prior-month short interest on Mar 30, 2022 was 2.23 million shares. There was a rise of 25.42%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 7.04% of the overall stock float, the days-to-cover ratio (short ratio) rose to 8.84.

NN Inc. [NNBR] – Who Are The Largest Shareholders?

In filings from Corre Partners Management LLC, it is revealed that the company now owns 5,357,169 shares, or roughly 12.21% of the outstanding NNBR shares. In other words, the investor’s shares have risen by 1,297,117 from its previous 13-F filing of 4060052.0. Additionally, Paradigm Capital Management, Inc. decreased 0.00% of its stake after which the total value it holdings stand at $12,045,068, while Legion Partners Asset Management reduced 0.00% of its stake to hold $11.41 million in the firm. Over the last quarter, PRIMECAP Management Co. sold -132,700 shares of NN Inc., while BlackRock Fund Advisors sold -68,606 shares. At present, Royce & Associates LP is holding 2,153,173 shares valued at $6.03 million. Nomura Securities Co., Ltd. owned 2,138,000 shares of the company at the time of its most recent 13F filing, worth $5.99 million.

According to FactSet, NN Inc.’s share price will average $11.00 in the next year, based on opinions of analysts polled by the firm. This is up nearly 316.67 percent from its previous closing price of $2.64. Analysts expect NN Inc. stock to reach the higher price of $11.00, while the lowest price estimate is $11.00. However, 2 analysts have rated NNBR stock as an Overweight in their predictions for 2022. The most recent change occurred on January 07, 2019 when JP Morgan began covering the stock and recommended ‘”an Overweight”‘ rating along with a $15 price target.

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