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

Nouveau Monde Graphite (NYSE:NMG) issued its quarterly earnings data on Wednesday. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.06, Zacks reports.

Nouveau Monde Graphite Stock Up 2.1%

Shares of NYSE NMG opened at $1.44 on Thursday. 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 firm has a market cap of $231.60 million, a PE ratio of -3.20 and a beta of 0.83. The company’s fifty day simple moving average is $1.46 and its 200 day simple moving average is $1.92. Nouveau Monde Graphite has a 12-month low of $1.26 and a 12-month high of $6.06.

Wall Street Analyst Weigh In

NMG has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Nouveau Monde Graphite in a report on Monday, July 6th. Zacks Research downgraded shares of Nouveau Monde Graphite from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. National Bank Financial raised shares of Nouveau Monde Graphite to a “strong-buy” rating in a research note on Friday, April 17th. HC Wainwright decreased their price objective on shares of 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. Finally, Roth Capital set a $3.50 target price on shares of Nouveau Monde Graphite in a research note on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Nouveau Monde Graphite presently has an average rating of “Moderate Buy” and a consensus price target of $4.67.

Hedge Funds Weigh In On Nouveau Monde Graphite

Several institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise acquired a new position in Nouveau Monde Graphite during the 3rd quarter worth approximately $58,000. XTX Topco Ltd grew its stake in 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 acquiring an additional 12,811 shares during the period. Susquehanna International Group LLP bought a new stake in shares of Nouveau Monde Graphite during the third quarter valued at approximately $96,000. Royal Bank of Canada increased its holdings in shares of Nouveau Monde Graphite by 36.7% during the fourth quarter. Royal Bank of Canada now owns 68,298 shares of the company’s stock valued at $170,000 after acquiring an additional 18,329 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in shares of Nouveau Monde Graphite during the third quarter worth approximately $196,000. Institutional investors and hedge funds 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.