Nouveau Monde Graphite (NYSE:NMG) Raised to “Strong-Buy” at Zacks Research

Nouveau Monde Graphite (NYSE:NMG) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

NMG has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. HC Wainwright reiterated a “buy” rating and set a $4.50 target price on shares of Nouveau Monde Graphite in a report on Monday. Roth Capital set a $3.50 target price on Nouveau Monde Graphite in a research note on Monday, May 18th. Finally, Weiss Ratings upgraded Nouveau Monde Graphite from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 18th. Three analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Nouveau Monde Graphite currently has a consensus rating of “Buy” and a consensus price target of $4.67.

Nouveau Monde Graphite Stock Performance

Shares of NYSE NMG opened at $1.48 on Tuesday. Nouveau Monde Graphite has a 52-week low of $1.26 and a 52-week high of $6.06. The stock has a market cap of $237.22 million, a P/E ratio of -4.61 and a beta of 0.83. The firm has a 50 day moving average price of $1.44 and a 200 day moving average price of $1.84.

Nouveau Monde Graphite (NYSE:NMG) last posted its earnings results on Wednesday, August 12th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.06. Analysts predict that Nouveau Monde Graphite will post -0.11 earnings per share for the current fiscal year.

Institutional Trading of Nouveau Monde Graphite

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. AXQ Capital LP increased its stake in shares of Nouveau Monde Graphite by 19.4% during the second quarter. AXQ Capital LP now owns 56,985 shares of the company’s stock worth $85,000 after purchasing an additional 9,242 shares during the period. Intrepid Family Office LLC acquired a new position in Nouveau Monde Graphite in the 4th quarter valued at $25,000. XTX Topco Ltd increased its position in Nouveau Monde Graphite by 100.8% during the 2nd quarter. XTX Topco Ltd now owns 25,522 shares of the company’s stock worth $42,000 after buying an additional 12,811 shares during the period. Royal Bank of Canada increased its position in Nouveau Monde Graphite by 36.7% during the 4th quarter. Royal Bank of Canada now owns 68,298 shares of the company’s stock worth $170,000 after buying an additional 18,329 shares during the period. Finally, CWM LLC bought a new stake in shares of Nouveau Monde Graphite in the fourth quarter valued at about $46,000. 41.09% of the stock is currently owned by institutional investors and hedge funds.

Nouveau Monde Graphite Company Profile

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.