NNBR reports today with its stock carrying the weight of an extraordinary one-month surge — up 76% to $2.52 — that has fundamentally changed the positioning picture heading into the print.
The most telling signal into earnings is not where short sellers stand, but where its largest shareholder is heading. Corre Partners Management, a 10% owner, sold aggressively across late April — offloading over 1.4 million shares between April 22 and April 27 at prices ranging from $2.30 to $2.69. That selling came directly into the stock's rally. Corre remains the largest declared holder with just over five million shares, but the pattern is clear: the firm used the price strength to reduce exposure ahead of today's report.
Short interest tells a relatively calm story alongside that insider activity. Bears hold roughly 3.9% of the free float — a moderate level that has been drifting lower, falling 6% on the week to about 1.94 million shares. Cost to borrow has ticked up sharply in percentage terms, nearly doubling over the past week to 0.80%, but the absolute level remains cheap. Availability is not a constraint here: with utilization well below its 52-week high of 44%, the lending market is loose and there is no meaningful squeeze dynamic in play. The ORTEX short score has also eased materially — dropping from above 53 to 45 over the past two weeks — suggesting short-side pressure has faded rather than built into the event.
Options positioning reinforces that lean. The put/call ratio has collapsed to 0.07, well below its 20-day average of 0.10 and near the bottom of its 52-week range. Calls are heavily dominant. That reflects investor optimism into the print — the market is positioned for upside, not protection. The one recent analyst data point worth noting comes from B. Riley, which maintained a Buy but cut its target to $3.00 in early March — still above the current price but a downgrade in conviction. Historical earnings reactions have been uneven: the last confirmed print in early March produced an 11% one-day drop and a further 5-day loss of 17%, while the prior event saw a modest 1.6% decline followed by a 16% five-day recovery.
Today's print will test whether the business fundamentals behind NNBR can justify a stock that has more than doubled from its April lows — and whether the company can deliver a result that gives its largest shareholder reason to stop selling.
See the live data behind this article on ORTEX.
Open NNBR on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
