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Major shareholders of NN Inc (NASDAQ:NNBR) have recently sold a significant portion of their holdings, according to a recent SEC filing. The sales, which took place on January 14, 2025, involved a total of $1,656,750 worth of common stock. The shares were sold at prices ranging from $3.7599 to $4.4145. According to InvestingPro data, the stock has since declined significantly, now trading at $2.74, with a market capitalization of approximately $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, managed by John Barrett and Eric Soderlund, are considered ten percent owners of NN Inc. The transactions resulted in a decrease in their collective holdings of the company's common stock.
The shares were sold in multiple transactions, with the prices reflecting a weighted average within the specified range. The filing notes that the reporting persons are willing to provide further details on the specific number of shares sold at each price upon request.
Post-transaction, Corre Opportunities Qualified Master Fund, LP retains ownership of 5,395,064 shares, while Corre Horizon Fund, LP holds 810,567 shares, as indicated in the filing. Despite current market challenges, analysts maintain price targets between $6-7, suggesting potential upside from current levels.
In other recent news, NN Inc. has reported significant developments in its financial performance. Despite a slowdown in the North American auto industry, the company has achieved record sales and profits in China, with net sales reaching $113.6 million and an adjusted EBITDA of $11.6 million. The company has also highlighted its goal of achieving a 10% adjusted EBITDA margin by 2025.
These recent developments also include securing over $100 million in new business wins in the last 21 months and significant reductions in losses from underperforming plants. NN Inc. has launched a new rear wheel steering product in collaboration with Tier 1 suppliers in China and is on track to meet its annual growth target of $55 to $70 million.
The company maintains a positive outlook for 2024, with continued growth expected in power, medical, and electrical markets. It is also targeting new business opportunities in the power grid sector, with a pipeline valued at $230 million. Despite challenges in the global market, NN Inc. is navigating towards its 2025 goals with strategic growth areas and innovative projects.
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