Nouveau Monde Graphite (NYSE:NMG) Stock Rated Hold in New Coverage at Freedom Broker

Freedom Broker initiated coverage on shares of Nouveau Monde Graphite (NYSE:NMG) in a research note published on Thursday,Benzinga reports. The brokerage issued a hold rating and a $1.48 price target on the stock.

NMG has been the topic of several other reports. Zacks Research upgraded Nouveau Monde Graphite from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 25th. Jefferies Financial Group started coverage on Nouveau Monde Graphite in a report on Wednesday, September 2nd. They issued a “buy” rating and a C$2.45 target price for the company. Wall Street Zen raised Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings upgraded Nouveau Monde Graphite from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $4.50 price objective on shares of Nouveau Monde Graphite in a research note on Monday, August 24th. Three analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $3.87.

Nouveau Monde Graphite Price Performance

Shares of NMG stock opened at $1.17 on Thursday. The company has a market capitalization of $383.47 million, a P/E ratio of -3.64 and a beta of 0.84. The company’s 50-day simple moving average is $1.37 and its two-hundred day simple moving average is $1.68. Nouveau Monde Graphite has a one year low of $1.15 and a one year high of $6.06.

Nouveau Monde Graphite (NYSE:NMG) last posted its quarterly earnings results on Wednesday, August 12th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.06. On average, research analysts expect that Nouveau Monde Graphite will post -0.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Nouveau Monde Graphite

A number of hedge funds have recently made changes to their positions in the stock. AXQ Capital LP raised its holdings in Nouveau Monde Graphite by 19.4% in 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 in the last quarter. Pacifica Partners Inc. acquired a new stake in shares of Nouveau Monde Graphite in the 2nd quarter worth $47,000. Bank of America Corp DE boosted its position in shares of Nouveau Monde Graphite by 5,215.1% in the 1st quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock worth $201,000 after purchasing an additional 88,136 shares in the last quarter. Renaissance Technologies LLC grew its stake in Nouveau Monde Graphite by 1,185.2% during the 1st quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company’s stock worth $3,210,000 after buying an additional 1,321,523 shares during the last quarter. Finally, Brooklands Fund Management Ltd grew its stake in Nouveau Monde Graphite by 88.6% during the 1st quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company’s stock worth $269,000 after buying an additional 56,384 shares during the last quarter. 41.09% of the stock is currently owned by hedge funds and other institutional investors.

About Nouveau Monde Graphite

Nouveau Monde Graphite Inc is a Canadian mining and advanced materials company developing an integrated source of graphite for the lithium-ion battery industry. The company is focused on producing graphite concentrate and value-added anode material for use in electric vehicles, energy-storage systems and other clean-technology applications.

Nouveau Monde’s principal asset is the Matawinie graphite project near Saint-Michel-des-Saints, Quebec. The company is also developing a battery materials plant in Bécancour, Quebec, designed to process graphite concentrate into anode material, including purified, coated spherical graphite.