Nouveau Monde Graphite Inc. (NYSE:NMG) Given Average Rating of “Buy” by Brokerages

Shares of Nouveau Monde Graphite Inc. (NYSE:NMG) have been assigned a consensus rating of “Buy” from the eight research firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and three have issued a strong buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $4.6667.

A number of analysts recently commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $4.50 price objective on shares of Nouveau Monde Graphite in a research note on Monday, August 24th. Jefferies Financial Group started coverage on shares of Nouveau Monde Graphite in a research note on Wednesday, September 2nd. They issued a “buy” rating and a C$2.45 target price for the company. Zacks Research raised shares of Nouveau Monde Graphite from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 25th. Roth Capital set a $3.50 price target on shares of Nouveau Monde Graphite in a report on Monday, May 18th. Finally, Wall Street Zen raised shares of Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th.

Nouveau Monde Graphite Price Performance

Shares of NMG opened at $1.34 on Friday. Nouveau Monde Graphite has a 1-year low of $1.26 and a 1-year high of $6.06. The firm has a 50 day simple moving average of $1.42 and a 200-day simple moving average of $1.78. The stock has a market cap of $442.72 million, a price-to-earnings ratio of -4.20 and a beta of 0.86.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC lifted its stake in shares of 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 purchasing an additional 1,321,523 shares during the period. Millennium Management LLC increased its stake in Nouveau Monde Graphite by 405.9% in the fourth quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock valued at $868,000 after purchasing an additional 280,771 shares during the last quarter. Bank of Montreal Can lifted its position in Nouveau Monde Graphite by 236.1% during the fourth quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock worth $401,000 after buying an additional 115,424 shares during the period. Marshall Wace LLP purchased a new position in Nouveau Monde Graphite during the fourth quarter worth about $380,000. Finally, Goldman Sachs Group Inc. boosted its stake in 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 buying an additional 87,971 shares during the last quarter. 41.09% of the stock is currently owned by institutional investors and hedge funds.

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.