Nouveau Monde Graphite (NYSE:NMG) Releases Earnings Results

Nouveau Monde Graphite (NYSE:NMG) announced its quarterly earnings data on Wednesday. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.10, Zacks reports.

Nouveau Monde Graphite Price Performance

Shares of NYSE NMG traded up $0.01 during midday trading on Friday, reaching $2.15. 80,603 shares of the company traded hands, compared to its average volume of 928,933. Nouveau Monde Graphite has a 12 month low of $1.30 and a 12 month high of $6.06. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.62 and a current ratio of 0.62. The stock’s 50-day simple moving average is $2.38 and its 200-day simple moving average is $2.65. The firm has a market cap of $344.97 million, a PE ratio of -3.25 and a beta of 0.87.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Maxim Group initiated coverage on Nouveau Monde Graphite in a research report on Tuesday, January 20th. They issued a “buy” rating and a $6.00 target price for the company. BMO Capital Markets initiated coverage on shares of Nouveau Monde Graphite in a research note on Friday, December 12th. They issued an “outperform” rating for the company. HC Wainwright reduced their price objective on shares of Nouveau Monde Graphite from $7.50 to $5.50 and set a “buy” rating for the company in a report on Friday, January 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nouveau Monde Graphite in a research report on Thursday, January 22nd. Finally, Zacks Research raised shares of Nouveau Monde Graphite from a “strong sell” rating to a “hold” rating in a research note on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Nouveau Monde Graphite has an average rating of “Moderate Buy” and a consensus price target of $5.40.

Hedge Funds Weigh In On Nouveau Monde Graphite

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC grew its stake in Nouveau Monde Graphite by 405.9% during the fourth quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock worth $868,000 after buying an additional 280,771 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Nouveau Monde Graphite by 236.1% in the fourth quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock valued at $401,000 after acquiring an additional 115,424 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Nouveau Monde Graphite in the 4th quarter worth approximately $380,000. Goldman Sachs Group Inc. boosted its holdings in shares of Nouveau Monde Graphite by 217.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 128,462 shares of the company’s stock worth $319,000 after acquiring an additional 87,971 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in Nouveau Monde Graphite by 886.7% during the 4th quarter. Renaissance Technologies LLC now owns 111,500 shares of the company’s stock worth $277,000 after acquiring an additional 100,200 shares during the last quarter. 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.