Nouveau Monde Graphite (NYSE:NMG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Nouveau Monde Graphite (NYSE:NMG) from a sell rating to a hold rating in a research report report published on Saturday morning.

A number of other research analysts have also recently issued reports on the company. Zacks Research cut Nouveau Monde Graphite from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. HC Wainwright dropped their price target on Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating on the stock in a research report on Thursday, May 21st. Roth Capital set a $3.50 price objective on Nouveau Monde Graphite in a report on Monday, May 18th. National Bank Financial upgraded Nouveau Monde Graphite to a “strong-buy” rating in a research report on Friday, April 17th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Nouveau Monde Graphite in a research note on Monday, July 6th. Two 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 company. Based on data from MarketBeat, Nouveau Monde Graphite currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.67.

Nouveau Monde Graphite Price Performance

Shares of NYSE:NMG opened at $1.47 on Friday. The firm’s 50 day simple moving average is $1.45 and its 200 day simple moving average is $1.89. Nouveau Monde Graphite has a fifty-two week low of $1.26 and a fifty-two week high of $6.06. The company has a market capitalization of $236.42 million, a price-to-earnings ratio of -4.59 and a beta of 0.83.

Nouveau Monde Graphite (NYSE:NMG) last posted its earnings results on Wednesday, August 12th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.06. Equities research analysts expect that Nouveau Monde Graphite will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC raised its position in Nouveau Monde Graphite by 1,185.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company’s stock valued at $3,210,000 after buying an additional 1,321,523 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Nouveau Monde Graphite by 217.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 128,462 shares of the company’s stock worth $319,000 after acquiring an additional 87,971 shares during the last quarter. Marshall Wace LLP acquired a new position in Nouveau Monde Graphite during the 4th quarter worth approximately $380,000. Bank of Montreal Can grew its stake in shares of Nouveau Monde Graphite by 236.1% during the 4th quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock worth $401,000 after acquiring an additional 115,424 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Nouveau Monde Graphite by 405.9% during the 4th quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock worth $868,000 after acquiring an additional 280,771 shares in the last quarter. 41.09% of the stock is owned by institutional investors and hedge funds.

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.