Nouveau Monde Graphite (NYSE:NMG) Shares Down 4.9% – Here’s What Happened

Nouveau Monde Graphite Inc. (NYSE:NMG)’s stock price traded down 4.9% on Monday. The stock traded as low as $1.25 and last traded at $1.2550. Approximately 592,665 shares were traded during trading, an increase of 81% from the average session volume of 327,104 shares. The stock had previously closed at $1.32.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NMG. Wall Street Zen upgraded Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. 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. Weiss Ratings upgraded shares of Nouveau Monde Graphite from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. HC Wainwright reaffirmed a “buy” rating and set a $4.50 price target on shares of Nouveau Monde Graphite in a research report on Monday, August 24th. Finally, Jefferies Financial Group started coverage on shares of Nouveau Monde Graphite in a research report on Wednesday, September 2nd. They set a “buy” rating and a C$2.45 price target on the stock. Three analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $4.67.

Nouveau Monde Graphite Price Performance

The company’s 50-day moving average price is $1.38 and its two-hundred day moving average price is $1.71. The company has a market capitalization of $413.10 million, a P/E ratio of -3.92 and a beta of 0.86.

Nouveau Monde Graphite (NYSE:NMG) last announced its 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, analysts anticipate that Nouveau Monde Graphite Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nouveau Monde Graphite

Hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its holdings in shares of Nouveau Monde Graphite by 1,185.2% during 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. Brooklands Fund Management Ltd increased its holdings in Nouveau Monde Graphite by 88.6% in the 1st quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company’s stock valued at $269,000 after buying an additional 56,384 shares during the period. Banque Cantonale Vaudoise raised its position in shares of Nouveau Monde Graphite by 119.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 116,000 shares of the company’s stock valued at $260,000 after buying an additional 63,200 shares in the last quarter. Bank of America Corp DE raised its position in shares of Nouveau Monde Graphite by 5,215.1% in the 1st quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock valued at $201,000 after buying an additional 88,136 shares in the last quarter. Finally, AXQ Capital LP raised its position in shares of 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 buying an additional 9,242 shares in 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 Inc is a Canadian company developing an integrated natural graphite operation in Quebec. Its business is centered on the Matawinie graphite mine near Saint-Michel-des-Saints and a Battery Material Plant in Bécancour, designed to process graphite concentrate into anode active material for lithium-ion batteries.

The company’s planned product portfolio includes natural graphite concentrate and coated spherical purified graphite, an anode material used in electric vehicle and energy-storage batteries.