Nouveau Monde Graphite Inc. (NYSE:NMG) Receives $4.67 Average PT from Brokerages

Nouveau Monde Graphite Inc. (NYSE:NMG) has been given a consensus rating of “Moderate Buy” by the seven ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $4.6667.

Several equities research analysts recently issued reports on the stock. National Bank Financial upgraded shares of Nouveau Monde Graphite to a “strong-buy” rating in a report on Friday, April 17th. Wall Street Zen upgraded shares of Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Roth Mkm set a $3.50 target price on shares of Nouveau Monde Graphite in a report on Monday, May 18th. Finally, HC Wainwright dropped their target price on shares of Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating on the stock in a report on Thursday, May 21st.

Institutional Investors Weigh In On Nouveau Monde Graphite

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position in Nouveau Monde Graphite by 1,185.2% in the first quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company’s stock worth $3,210,000 after acquiring an additional 1,321,523 shares during the period. Millennium Management LLC raised its position in Nouveau Monde Graphite by 405.9% in the fourth 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. Bank of Montreal Can raised its position in Nouveau Monde Graphite by 236.1% in the fourth quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock worth $401,000 after acquiring an additional 115,424 shares during the period. Marshall Wace LLP bought a new position in Nouveau Monde Graphite in the fourth quarter worth approximately $380,000. Finally, Goldman Sachs Group Inc. raised its position in Nouveau Monde Graphite by 217.3% in the fourth 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 during the period. Hedge funds and other institutional investors own 41.09% of the company’s stock.

Nouveau Monde Graphite Trading Down 3.6%

Shares of NMG stock opened at $1.74 on Friday. Nouveau Monde Graphite has a 12-month low of $1.60 and a 12-month high of $6.06. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.02. The firm’s 50 day moving average is $2.06 and its 200 day moving average is $2.40. The stock has a market capitalization of $279.04 million, a P/E ratio of -3.86 and a beta of 0.74.

Nouveau Monde Graphite (NYSE:NMG) last issued its earnings results on Wednesday, May 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.06. Research analysts expect that Nouveau Monde Graphite will post -0.2 earnings per share for the current year.

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.