Nouveau Monde Graphite (NYSE:NMG) Price Target Lowered to $5.50 at HC Wainwright

Nouveau Monde Graphite (NYSE:NMG) had its target price reduced by HC Wainwright from $7.50 to $5.50 in a research note issued to investors on Friday, Marketbeat Ratings reports. HC Wainwright currently has a buy rating on the stock.

NMG has been the topic of several other research reports. Zacks Research raised shares of Nouveau Monde Graphite from a “strong sell” rating to a “hold” rating in a research note on Monday, December 15th. Maxim Group started coverage on shares of Nouveau Monde Graphite in a report on Tuesday, January 20th. They issued a “buy” rating and a $6.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nouveau Monde Graphite in a report on Thursday, January 22nd. BMO Capital Markets assumed coverage on shares of Nouveau Monde Graphite in a research report on Friday, December 12th. They set an “outperform” rating for the company. Finally, Wall Street Zen lowered Nouveau Monde Graphite to a “strong sell” rating in a report on Saturday, November 1st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $5.40.

Nouveau Monde Graphite Price Performance

NMG opened at $2.35 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.04. The company has a market cap of $377.72 million, a P/E ratio of -3.56 and a beta of 0.87. The company has a 50 day moving average of $2.84 and a two-hundred day moving average of $2.57. Nouveau Monde Graphite has a 52-week low of $1.30 and a 52-week high of $6.06.

Nouveau Monde Graphite (NYSE:NMG) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). On average, analysts expect that Nouveau Monde Graphite will post -0.47 earnings per share for the current year.

Hedge Funds Weigh In On Nouveau Monde Graphite

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. K.J. Harrison & Partners Inc purchased a new stake in Nouveau Monde Graphite in the 3rd quarter worth about $269,000. Financial Sense Advisors Inc. bought a new position in shares of Nouveau Monde Graphite during the 3rd quarter valued at $256,000. Millennium Management LLC bought a new position in Nouveau Monde Graphite during the third quarter valued at about $196,000. Brookwood Investment Group LLC bought a new position in shares of Nouveau Monde Graphite in the 3rd quarter valued at approximately $152,000. Finally, Susquehanna International Group LLP bought a new position in shares of Nouveau Monde Graphite in the third quarter valued at approximately $96,000. Institutional investors and hedge funds own 41.09% of the company’s stock.

About Nouveau Monde Graphite

Nouveau Monde Graphite is a Canadian mineral development company focused on the exploration, development and production of high-purity natural graphite for the electric vehicle and energy storage markets. The company’s flagship Matawinie graphite project, located north of Montreal in the province of Québec, represents one of the largest known high-grade natural graphite deposits globally. Nouveau Monde Graphite aims to advance the project toward commercial production by leveraging Québec’s abundant renewable hydroelectric power and strong mining expertise.

In addition to its core mining operations, the company operates a demonstration plant in Bécancour, Québec, where it produces coated spherical purified graphite (CSPG) anode material.