Director Faria buys 20,000 NNBR shares at $3.41; second cluster buy in 14 days amid unprofitable fundamentals
Faria Joao V, a director, purchased 20,000 shares (20.0K shares) of NN INC at $3.41 on 2024-08-14 for a total of $68,200.00 ($68.2K), expanding his holdings from 257.8K to 277.8K shares (+7.8% net increase). This purchase occurs within a broader cluster pattern: 2 other insiders also bought within the past 14 days, indicating coordinated accumulation activity at the same price level. Notably, Faria's prior same-ticker buys on 2023-05-25 exhibited strong 90-day performance (+22.4% and +23.1%), establishing a pattern of well-timed entries at this company. However, the current purchase is set against deteriorating fundamentals: the company reported negative net income of $-2.2M in the latest quarter, full-year net income was negative, and annual revenue growth was -1.9%. At the current price of $3.63, the stock trades 29.2% below its 52-week high, suggesting the insider may view current levels as attractive relative to recent peak valuations.