Nouveau Monde Graphite (NYSE:NMG) Issues Earnings Results, Beats Expectations By $0.10 EPS

Nouveau Monde Graphite (NYSE:NMG) released its quarterly earnings data on Wednesday. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.10, Zacks reports.

Nouveau Monde Graphite Stock Performance

Shares of NMG opened at $2.15 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.62 and a current ratio of 0.62. Nouveau Monde Graphite has a twelve month low of $1.30 and a twelve month high of $6.06. The firm’s 50 day moving average price is $2.38 and its two-hundred day moving average price is $2.65. The firm has a market cap of $345.78 million, a P/E ratio of -3.26 and a beta of 0.87.

Institutional Investors Weigh In On Nouveau Monde Graphite

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC lifted its position in Nouveau Monde Graphite by 405.9% in the 4th quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock valued at $868,000 after acquiring an additional 280,771 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Nouveau Monde Graphite by 36.7% in the 4th quarter. Royal Bank of Canada now owns 68,298 shares of the company’s stock valued at $170,000 after purchasing an additional 18,329 shares during the period. Marshall Wace LLP acquired a new stake in shares of Nouveau Monde Graphite in the 4th quarter valued at about $380,000. Renaissance Technologies LLC lifted its holdings in shares of Nouveau Monde Graphite by 886.7% in the fourth quarter. Renaissance Technologies LLC now owns 111,500 shares of the company’s stock valued at $277,000 after purchasing an additional 100,200 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Nouveau Monde Graphite by 236.1% in the fourth quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock valued at $401,000 after purchasing an additional 115,424 shares in the last quarter. 41.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NMG. HC Wainwright lowered their price target on Nouveau Monde Graphite from $7.50 to $5.50 and set a “buy” rating for the company in a research note on Friday, January 30th. Zacks Research raised shares of Nouveau Monde Graphite from a “strong sell” rating to a “hold” rating in a research note on Monday, December 15th. BMO Capital Markets initiated coverage on shares of Nouveau Monde Graphite in a research note on Friday, December 12th. They issued an “outperform” rating for the company. Maxim Group began coverage on shares of Nouveau Monde Graphite in a research report on Tuesday, January 20th. They set a “buy” rating and a $6.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Nouveau Monde Graphite in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $5.40.

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.