Nouveau Monde Graphite Inc. (NYSE:NMG) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Nouveau Monde Graphite Inc. (NYSE:NMG) have been assigned a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $4.6667.

Several research firms have recently commented on NMG. Roth Mkm set a $3.50 price target on Nouveau Monde Graphite in a report on Monday, May 18th. HC Wainwright reduced their price target on Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating for the company in a report on Thursday, May 21st. National Bank Financial raised Nouveau Monde Graphite to a “strong-buy” rating in a report on Friday, April 17th. Finally, Wall Street Zen cut Nouveau Monde Graphite from a “hold” rating to a “sell” rating in a report on Monday.

Hedge Funds Weigh In On Nouveau Monde Graphite

Several hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC increased its stake in Nouveau Monde Graphite by 1,185.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company’s stock valued at $3,210,000 after purchasing an additional 1,321,523 shares in the last quarter. Millennium Management LLC increased its stake in Nouveau Monde Graphite by 405.9% in the 4th quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock valued at $868,000 after purchasing an additional 280,771 shares in the last quarter. Bank of Montreal Can increased its stake in Nouveau Monde Graphite by 236.1% in the 4th quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock valued at $401,000 after purchasing an additional 115,424 shares in the last quarter. Marshall Wace LLP purchased a new position in Nouveau Monde Graphite in the 4th quarter valued at approximately $380,000. Finally, Goldman Sachs Group Inc. increased its stake in Nouveau Monde Graphite by 217.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 128,462 shares of the company’s stock valued at $319,000 after purchasing an additional 87,971 shares in the last quarter. 41.09% of the stock is owned by hedge funds and other institutional investors.

Nouveau Monde Graphite Stock Up 4.5%

NMG opened at $1.51 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.75 and a quick ratio of 0.75. The business has a 50 day simple moving average of $1.83 and a 200-day simple moving average of $2.24. The stock has a market capitalization of $242.04 million, a P/E ratio of -3.34 and a beta of 0.74. Nouveau Monde Graphite has a 12 month low of $1.37 and a 12 month high of $6.06.

Nouveau Monde Graphite (NYSE:NMG) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.06. On average, equities analysts anticipate that Nouveau Monde Graphite will post -0.2 earnings per share for the current fiscal year.

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.