Nouveau Monde Graphite Inc. (NYSE:NMG) Receives Average Recommendation of “Buy” from Analysts

Nouveau Monde Graphite Inc. (NYSE:NMG) has earned an average rating of “Buy” from the nine research firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, four have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $3.87.

A number of equities analysts recently commented on NMG shares. Freedom Broker assumed coverage on Nouveau Monde Graphite in a report on Thursday, October 1st. They set a “hold” rating and a $1.48 price target for the company. Jefferies Financial Group assumed coverage on Nouveau Monde Graphite in a research note on Wednesday, September 2nd. They issued a “buy” rating and a C$2.45 price objective on the stock. Weiss Ratings raised Nouveau Monde Graphite from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, September 22nd. HC Wainwright reiterated a “buy” rating and set a $4.50 target price on shares of Nouveau Monde Graphite in a research note on Monday, August 24th. Finally, Wall Street Zen lowered Nouveau Monde Graphite from a “hold” rating to a “sell” rating in a report on Saturday.

Nouveau Monde Graphite Price Performance

Shares of NMG stock opened at $1.15 on Thursday. The stock has a market cap of $376.89 million, a P/E ratio of -3.58 and a beta of 0.84. The company has a fifty day moving average price of $1.37 and a two-hundred day moving average price of $1.67. Nouveau Monde Graphite has a one year low of $1.14 and a one year high of $6.06.

Nouveau Monde Graphite (NYSE:NMG) last released its quarterly earnings data 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. As a group, equities research analysts anticipate that Nouveau Monde Graphite will post -0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Nouveau Monde Graphite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position in shares of Nouveau Monde Graphite by 1,185.2% in the first quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company’s stock valued at $3,210,000 after purchasing an additional 1,321,523 shares during the period. AXQ Capital LP lifted its stake in shares of Nouveau Monde Graphite by 19.4% during the 2nd quarter. AXQ Capital LP now owns 56,985 shares of the company’s stock worth $85,000 after buying an additional 9,242 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Nouveau Monde Graphite by 5,215.1% during the 1st quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock worth $201,000 after buying an additional 88,136 shares during the period. Pacifica Partners Inc. bought a new stake in shares of Nouveau Monde Graphite during the 2nd quarter worth about $47,000. Finally, Brooklands Fund Management Ltd grew its stake in Nouveau Monde Graphite by 88.6% in the 1st quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company’s stock valued at $269,000 after buying an additional 56,384 shares during the last quarter. 41.09% of the stock is owned by institutional investors.

About Nouveau Monde Graphite

Nouveau Monde Graphite Inc is a Canadian mining and advanced materials company developing an integrated source of graphite for the lithium-ion battery industry. The company is focused on producing graphite concentrate and value-added anode material for use in electric vehicles, energy-storage systems and other clean-technology applications.

Nouveau Monde’s principal asset is the Matawinie graphite project near Saint-Michel-des-Saints, Quebec. The company is also developing a battery materials plant in Bécancour, Quebec, designed to process graphite concentrate into anode material, including purified, coated spherical graphite.