NN (NASDAQ:NNBR) Share Price Breaks Above 50-Day Moving Average – What’s Next?

Shares of NN, Inc. (NASDAQ:NNBR) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $3.63 and traded as high as $3.84. NN shares last traded at $3.80, with a volume of 3,123,130 shares traded.

Analysts Set New Price Targets

NNBR has been the subject of a number of research reports. Wall Street Zen raised NN from a “hold” rating to a “buy” rating in a research report on Saturday, September 19th. Zacks Research upgraded NN from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NN in a report on Thursday, October 15th. Craig Hallum assumed coverage on NN in a report on Monday, July 20th. They set a “buy” rating and a $7.00 target price for the company. Finally, Lake Street Capital reiterated a “buy” rating and issued a $7.00 target price on shares of NN in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $5.67.

NN Price Performance

The stock has a market cap of $356.23 million, a price-to-earnings ratio of -3.96 and a beta of 2.65. The stock’s 50 day moving average price is $3.63 and its two-hundred day moving average price is $2.68. The company has a quick ratio of 1.08, a current ratio of 1.79 and a debt-to-equity ratio of 7.70.

NN (NASDAQ:NNBR) last issued its earnings results on Wednesday, October 28th. The industrial products company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.05. The firm had revenue of $131.10 million during the quarter, compared to analysts’ expectations of $118.10 million. NN had a negative net margin of 6.21% and a positive return on equity of 20.38%. Equities research analysts forecast that NN, Inc. will post 0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On NN

A number of institutional investors have recently modified their holdings of the stock. State of Wyoming acquired a new position in shares of NN in the 3rd quarter valued at about $36,000. Kings Path Partners LLC acquired a new stake in NN during the third quarter worth about $157,000. State Street Corp raised its position in NN by 6.6% during the second quarter. State Street Corp now owns 224,344 shares of the industrial products company’s stock valued at $805,000 after acquiring an additional 13,835 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in NN during the second quarter valued at approximately $54,000. Finally, AXQ Capital LP purchased a new position in NN during the second quarter valued at approximately $62,000. Hedge funds and other institutional investors own 53.92% of the company’s stock.

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.