Short Interest in Nouveau Monde Graphite Inc. (NYSE:NMG) Declines By 83.6%

Nouveau Monde Graphite Inc. (NYSE:NMG) saw a significant drop in short interest in May. As of May 29th, there was short interest totaling 1,496,041 shares, a drop of 83.6% from the May 14th total of 9,119,501 shares. Approximately 1.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,548,940 shares, the short-interest ratio is presently 1.0 days.

Nouveau Monde Graphite Trading Up 0.3%

Nouveau Monde Graphite stock traded up $0.01 during midday trading on Friday, reaching $1.53. The stock had a trading volume of 635,468 shares, compared to its average volume of 1,092,795. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 0.75. Nouveau Monde Graphite has a twelve month low of $1.37 and a twelve month high of $6.06. The stock has a market capitalization of $245.27 million, a PE ratio of -3.39 and a beta of 0.74. The stock’s 50-day simple moving average is $1.99 and its 200 day simple moving average is $2.36.

Nouveau Monde Graphite (NYSE:NMG) last released its quarterly earnings data 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. Analysts expect that Nouveau Monde Graphite will post -0.2 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on NMG. Wall Street Zen raised Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. National Bank Financial raised Nouveau Monde Graphite to a “strong-buy” rating in a research report on Friday, April 17th. Roth Mkm set a $3.50 price objective on Nouveau Monde Graphite in a research report on Monday, May 18th. Finally, HC Wainwright lowered their price objective on Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating for the company in a research report on Thursday, May 21st. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Nouveau Monde Graphite presently has an average rating of “Moderate Buy” and an average price target of $4.67.

Institutional Investors Weigh In On Nouveau Monde Graphite

Institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd lifted its stake in shares of Nouveau Monde Graphite by 100.8% in the second quarter. XTX Topco Ltd now owns 25,522 shares of the company’s stock worth $42,000 after acquiring an additional 12,811 shares in the last quarter. K.J. Harrison & Partners Inc acquired a new position in shares of Nouveau Monde Graphite in the third quarter worth about $269,000. Banque Cantonale Vaudoise acquired a new position in shares of Nouveau Monde Graphite in the third quarter worth about $58,000. Financial Sense Advisors Inc. acquired a new position in shares of Nouveau Monde Graphite in the third quarter worth about $256,000. Finally, Millennium Management LLC acquired a new position in shares of Nouveau Monde Graphite in the third quarter worth about $196,000. Hedge funds and other institutional investors own 41.09% of the company’s stock.

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.