Nouveau Monde Graphite (NYSE:NMG) Issues Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Nouveau Monde Graphite (NYSE:NMG) issued its quarterly earnings data on Tuesday. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09, Zacks reports.

Nouveau Monde Graphite Trading Down 3.2%

Shares of NMG traded down $0.07 during trading hours on Tuesday, hitting $1.98. 1,335,889 shares of the stock traded hands, compared to its average volume of 1,059,721. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.02. Nouveau Monde Graphite has a 1-year low of $1.60 and a 1-year high of $6.06. The firm has a market capitalization of $317.63 million, a PE ratio of -4.03 and a beta of 0.78. The business has a fifty day moving average of $2.17 and a 200-day moving average of $2.51.

Hedge Funds Weigh In On Nouveau Monde Graphite

Several large investors have recently made changes to their positions in NMG. XTX Topco Ltd lifted its stake in shares of Nouveau Monde Graphite by 100.8% during the second quarter. XTX Topco Ltd now owns 25,522 shares of the company’s stock valued at $42,000 after acquiring an additional 12,811 shares during the period. Banque Cantonale Vaudoise bought a new stake in Nouveau Monde Graphite in the third quarter valued at about $58,000. Financial Sense Advisors Inc. bought a new stake in Nouveau Monde Graphite in the third quarter valued at about $256,000. Millennium Management LLC bought a new stake in Nouveau Monde Graphite in the third quarter valued at about $196,000. Finally, Susquehanna International Group LLP bought a new stake in Nouveau Monde Graphite in the third quarter valued at about $96,000. Institutional investors and hedge funds own 41.09% of the company’s stock.

Wall Street Analyst Weigh In

NMG has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nouveau Monde Graphite in a research report on Thursday, January 22nd. Maxim Group initiated coverage on shares of Nouveau Monde Graphite in a research note on Tuesday, January 20th. They set a “buy” rating and a $6.00 price target on the stock. National Bank Financial raised shares of Nouveau Monde Graphite to a “strong-buy” rating in a research note on Friday, April 17th. Finally, HC Wainwright decreased their price target on shares of Nouveau Monde Graphite from $7.50 to $5.50 and set a “buy” rating on the stock in a research note on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $5.40.

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.