Nouveau Monde Graphite Inc. (NYSE:NMG) Sees Large Increase in Short Interest

Nouveau Monde Graphite Inc. (NYSE:NMG) was the target of a large increase in short interest during the month of July. As of July 31st, there was short interest totaling 208,300 shares, anincreaseof29.7% from the July 15th total of 160,600 shares. Currently,0.7% of the company’s stock are sold short. Based on an average daily trading volume, of 88,500 shares, the days-to-cover ratio is currently 2.4 days. Based on an average daily trading volume, of 88,500 shares, the days-to-cover ratio is currently 2.4 days. Currently,0.7% of the company’s stock are sold short.

Nouveau Monde Graphite Stock Up 2.1%

Shares of Nouveau Monde Graphite stock opened at $1.91 on Friday. The firm has a market cap of $215.03 million, a price-to-earnings ratio of -5.46 and a beta of 0.74. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.70 and a quick ratio of 2.29. Nouveau Monde Graphite has a 52-week low of $1.22 and a 52-week high of $2.5747. The stock has a 50-day simple moving average of $1.85 and a 200-day simple moving average of $1.76.

Nouveau Monde Graphite (NYSE:NMG) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.04). On average, equities research analysts expect that Nouveau Monde Graphite will post -0.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd raised its stake in shares of Nouveau Monde Graphite by 100.8% in the 2nd 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 in the last quarter. Arkadios Wealth Advisors bought a new position in shares of Nouveau Monde Graphite in the 1st quarter valued at approximately $45,000. Millennium Management LLC raised its stake in shares of Nouveau Monde Graphite by 51.9% in the 4th quarter. Millennium Management LLC now owns 47,755 shares of the company’s stock valued at $76,000 after acquiring an additional 16,312 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Nouveau Monde Graphite by 46.2% in the 4th quarter. Bank of Montreal Can now owns 48,430 shares of the company’s stock valued at $76,000 after acquiring an additional 15,300 shares in the last quarter. 41.09% of the stock is owned by institutional investors.

Nouveau Monde Graphite Company Profile

Nouveau Monde Graphite Inc engages in the acquisition, exploration, development, and evaluation of mineral properties in Quebec, Canada. It primarily explores for graphite. The company’s flagship property is the 100% owned Matawinie graphite property including 176 mining claims covering an area of 9,264 hectares located in Quebec.