Nouveau Monde Graphite (NYSE:NMG) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Nouveau Monde Graphite (NYSE:NMG) released its earnings results on Wednesday. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.06, Zacks reports.

Nouveau Monde Graphite Stock Performance

Shares of Nouveau Monde Graphite stock opened at $1.48 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.02. The stock’s fifty day moving average is $1.45 and its two-hundred day moving average is $1.91. Nouveau Monde Graphite has a 52 week low of $1.26 and a 52 week high of $6.06. The company has a market capitalization of $238.67 million, a PE ratio of -4.64 and a beta of 0.83.

Institutional Trading of Nouveau Monde Graphite

A number of large investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise bought a new position in shares of Nouveau Monde Graphite in the third quarter worth about $58,000. XTX Topco Ltd lifted its holdings in Nouveau Monde Graphite by 100.8% during the 2nd quarter. XTX Topco Ltd now owns 25,522 shares of the company’s stock valued at $42,000 after buying an additional 12,811 shares in the last quarter. Susquehanna International Group LLP bought a new stake in Nouveau Monde Graphite during the 3rd quarter valued at about $96,000. Royal Bank of Canada boosted its position in Nouveau Monde Graphite by 36.7% in the 4th quarter. Royal Bank of Canada now owns 68,298 shares of the company’s stock valued at $170,000 after buying an additional 18,329 shares during the period. Finally, Millennium Management LLC purchased a new stake in Nouveau Monde Graphite in the 3rd quarter valued at about $196,000. 41.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on NMG shares. Roth Capital set a $3.50 price objective on shares of Nouveau Monde Graphite in a research note on Monday, May 18th. Zacks Research downgraded shares of Nouveau Monde Graphite from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Wall Street Zen lowered shares of Nouveau Monde Graphite from a “hold” rating to a “sell” rating in a report on Monday, June 29th. National Bank Financial upgraded shares of Nouveau Monde Graphite to a “strong-buy” rating in a report on Friday, April 17th. Finally, HC Wainwright dropped their price target on shares of Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating for the company in a research note on Thursday, May 21st. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.67.

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.