Nouveau Monde Graphite (NYSE:NMG) Rating Lowered to “Sell” at Wall Street Zen

Nouveau Monde Graphite (NYSE:NMG) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

Other equities analysts have also issued reports about the stock. HC Wainwright reissued a “buy” rating and issued a $4.50 price objective on shares of Nouveau Monde Graphite in a research report on Monday, August 24th. Jefferies Financial Group started coverage on shares of Nouveau Monde Graphite in a report on Wednesday, September 2nd. They set a “buy” rating and a C$2.45 target price for the company. Weiss Ratings raised shares of Nouveau Monde Graphite from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Zacks Research raised shares of Nouveau Monde Graphite from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 25th. Finally, Freedom Broker initiated coverage on shares of Nouveau Monde Graphite in a research report on Thursday. They set a “hold” rating and a $1.48 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $3.87.

Nouveau Monde Graphite Stock Performance

NYSE:NMG opened at $1.17 on Friday. The stock has a 50-day simple moving average of $1.37 and a 200 day simple moving average of $1.68. Nouveau Monde Graphite has a 52-week low of $1.15 and a 52-week high of $6.06. The company has a market cap of $383.47 million, a PE ratio of -3.64 and a beta of 0.84.

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

Institutional Investors Weigh In On Nouveau Monde Graphite

A number of hedge funds have recently made changes to their positions in the stock. 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 worth $3,210,000 after buying an additional 1,321,523 shares during the period. AXQ Capital LP increased its position in Nouveau Monde Graphite by 19.4% in the 2nd quarter. AXQ Capital LP now owns 56,985 shares of the company’s stock valued at $85,000 after acquiring an additional 9,242 shares during the period. Bank of America Corp DE raised its stake in shares of Nouveau Monde Graphite by 5,215.1% during the first quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock valued at $201,000 after acquiring an additional 88,136 shares during the last quarter. Pacifica Partners Inc. acquired a new position in shares of Nouveau Monde Graphite during the second quarter worth $47,000. Finally, Brooklands Fund Management Ltd lifted its holdings in shares of Nouveau Monde Graphite by 88.6% during the first quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company’s stock worth $269,000 after purchasing an additional 56,384 shares during the period. 41.09% of the stock is currently owned by institutional investors and hedge funds.

About Nouveau Monde Graphite

Nouveau Monde Graphite Inc is a Canadian mining and advanced materials company developing an integrated source of graphite for the lithium-ion battery industry. The company is focused on producing graphite concentrate and value-added anode material for use in electric vehicles, energy-storage systems and other clean-technology applications.

Nouveau Monde’s principal asset is the Matawinie graphite project near Saint-Michel-des-Saints, Quebec. The company is also developing a battery materials plant in Bécancour, Quebec, designed to process graphite concentrate into anode material, including purified, coated spherical graphite.