Nn inc sees $1.66 million in stock sale by major shareholders By Investing.com

Major shareholders of NN Inc (NASDAQ: The sales, which occurred on January 14, 2025, totaled an average price of $1,656,750. Shares were traded at prices ranging from $3.7599 to $4.4145. To follow InvestingPro data, the stock has decreased significantly, it is now sold at $ 2.74, with a market capitalization of about $ 137 million.

Corre Opportunities Qualified Master Fund, LP, along with its affiliates Corre Partners Management, LLC and Corre Partners Advisors, LLC, executed the transactions. These entities, controlled by John Barrett and Eric Soderlund, are considered ten percent owners of NN Inc. The transactions resulted in a reduction in their joint holdings of the company’s common stock.

Shares were traded in multiple transactions, and prices reflect the weighted average within the specified range. The report indicates that reporting parties are willing to provide additional information on the specific number of shares sold at each price upon request.

After the transaction, Corre Opportunities Qualified Master Fund, LP retains ownership of 5,395,064 shares, while Corre Horizon Fund, LP owns 810,567 shares, as disclosed in the filing. Despite the current problems of the market, analysts maintain price targets between $ 6-7, suggesting that there may be higher levels from the current levels.

In other recent news, NN Inc. reported significant progress in its financial performance. Despite the downturn in the North American auto industry, the company achieved record sales and profits in China, with net sales reaching $113.6 million and adjusted EBITDA of $11.6 million. The company also highlighted its goal of achieving a 10% adjusted EBITDA margin by 2025.

These recent improvements also include securing more than $100 million in new business over the past 21 months and significant reductions in losses from underperforming plants. NN Inc. launched a new rear tire product in partnership with Tier 1 suppliers in China and is on track to achieve its annual growth target of $55 to $70 million.

The company has a good outlook for 2024, with continued growth expected in the energy, medical and electrical markets. It has also targeted new business opportunities in the power grid sector, with a pipeline worth $230 million. Despite the problems in the global market, NN Inc. is targeting its 2025 goals with strategic growth areas and new projects.

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