Nouveau Monde Graphite Inc. (NYSE:NMG) Short Interest Update

Nouveau Monde Graphite Inc. (NYSE:NMG) was the recipient of a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 1,496,041 shares, a decrease of 83.6% from the May 14th total of 9,119,501 shares. Based on an average daily volume of 1,548,940 shares, the short-interest ratio is currently 1.0 days. Currently, 1.2% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on NMG shares. National Bank Financial upgraded shares of Nouveau Monde Graphite to a “strong-buy” rating in a report on Friday, April 17th. HC Wainwright cut their price objective on shares of Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating on the stock in a report on Thursday, May 21st. Roth Mkm set a $3.50 price objective on shares of Nouveau Monde Graphite in a report on Monday, May 18th. Finally, Wall Street Zen upgraded shares of Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Two research 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.67.

Institutional Investors Weigh In On Nouveau Monde Graphite

Institutional investors and hedge funds have recently bought and sold shares of the business. Intrepid Family Office LLC acquired a new stake in Nouveau Monde Graphite during the fourth quarter worth about $25,000. XTX Topco Ltd increased 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 valued at $42,000 after purchasing an additional 12,811 shares during the period. CWM LLC acquired a new stake in shares of Nouveau Monde Graphite in the fourth quarter valued at approximately $46,000. Banque Cantonale Vaudoise acquired a new stake in shares of Nouveau Monde Graphite in the third quarter valued at approximately $58,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Nouveau Monde Graphite in the third quarter valued at approximately $96,000. Institutional investors and hedge funds own 41.09% of the company’s stock.

Nouveau Monde Graphite Stock Up 9.1%

Shares of NMG stock traded up $0.13 during trading hours on Thursday, hitting $1.50. 1,215,826 shares of the company were exchanged, compared to its average volume of 1,211,408. The stock has a market capitalization of $240.44 million, a price-to-earnings ratio of -3.32 and a beta of 0.74. Nouveau Monde Graphite has a one year low of $1.37 and a one year high of $6.06. The business’s 50-day simple moving average is $1.99 and its two-hundred day simple moving average is $2.36. 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 (NYSE:NMG) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.06. Sell-side analysts predict that Nouveau Monde Graphite will post -0.2 EPS for the current fiscal year.

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.