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

Nouveau Monde Graphite Inc. (NYSE:NMG) has earned an average rating of “Moderate Buy” from the seven analysts that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $4.6667.

Several research firms have recently issued reports on NMG. HC Wainwright reduced their target price on Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating on the stock in a research note on Thursday, May 21st. National Bank Financial raised Nouveau Monde Graphite to a “strong-buy” rating in a research note on Friday, April 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Nouveau Monde Graphite in a report on Monday, July 6th. Roth Capital set a $3.50 price objective on shares of Nouveau Monde Graphite in a research report on Monday, May 18th. Finally, Zacks Research downgraded shares of Nouveau Monde Graphite from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th.

Hedge Funds Weigh In On Nouveau Monde Graphite

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in Nouveau Monde Graphite by 5,215.1% in the first quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock worth $201,000 after buying an additional 88,136 shares in the last quarter. Renaissance Technologies LLC boosted its position 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 valued at $3,210,000 after acquiring an additional 1,321,523 shares in the last quarter. Brooklands Fund Management Ltd boosted its position 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 valued at $269,000 after acquiring an additional 56,384 shares in the last quarter. Banque Cantonale Vaudoise grew its holdings in shares of Nouveau Monde Graphite by 119.7% during the 1st quarter. Banque Cantonale Vaudoise now owns 116,000 shares of the company’s stock worth $260,000 after acquiring an additional 63,200 shares during the period. Finally, Millennium Management LLC grew its holdings in shares of Nouveau Monde Graphite by 405.9% during the 4th quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock worth $868,000 after acquiring an additional 280,771 shares during the period. Hedge funds and other institutional investors own 41.09% of the company’s stock.

Nouveau Monde Graphite Stock Down 1.0%

Shares of NYSE:NMG opened at $1.42 on Wednesday. Nouveau Monde Graphite has a 1 year low of $1.26 and a 1 year high of $6.06. The company has a market cap of $227.57 million, a PE ratio of -3.14 and a beta of 0.83. 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 stock’s 50-day moving average is $1.47 and its 200 day moving average is $1.94.

Nouveau Monde Graphite (NYSE:NMG) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.06. Sell-side analysts anticipate that Nouveau Monde Graphite will post -0.2 EPS for the current 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.