Nouveau Monde Graphite Inc. (NYSE:NMG) Receives $5.40 Average Price Target from Brokerages

Nouveau Monde Graphite Inc. (NYSE:NMG) has been assigned a consensus recommendation of “Moderate Buy” from the seven research firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $5.40.

Several research firms have recently issued reports on NMG. BMO Capital Markets began coverage on shares of Nouveau Monde Graphite in a research report on Friday, December 12th. They issued an “outperform” rating on the stock. Maxim Group began coverage on shares of Nouveau Monde Graphite in a report on Tuesday, January 20th. They set a “buy” rating and a $6.00 target price on the stock. Wall Street Zen downgraded Nouveau Monde Graphite to a “strong sell” rating in a research report on Saturday, November 1st. Zacks Research raised Nouveau Monde Graphite from a “strong sell” rating to a “hold” rating in a report on Monday, December 15th. Finally, National Bank Financial upgraded Nouveau Monde Graphite to an “outperform” rating in a research note on Monday, November 3rd.

Institutional Investors Weigh In On Nouveau Monde Graphite

A number of institutional investors and hedge funds have recently modified their holdings of NMG. Millennium Management LLC grew its position 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 valued at $868,000 after purchasing an additional 280,771 shares in the last quarter. Marshall Wace LLP purchased a new stake in Nouveau Monde Graphite in the fourth quarter valued at approximately $380,000. Bank of Montreal Can lifted its position in Nouveau Monde Graphite by 236.1% during 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 during the last quarter. K.J. Harrison & Partners Inc bought a new stake in shares of Nouveau Monde Graphite during the 3rd quarter worth $269,000. Finally, Renaissance Technologies LLC lifted its stake in Nouveau Monde Graphite by 886.7% during the fourth quarter. Renaissance Technologies LLC now owns 111,500 shares of the company’s stock worth $277,000 after purchasing an additional 100,200 shares during the last quarter. 41.09% of the stock is owned by hedge funds and other institutional investors.

Nouveau Monde Graphite Trading Down 1.6%

Shares of Nouveau Monde Graphite stock opened at $2.17 on Wednesday. The stock has a market capitalization of $348.20 million, a P/E ratio of -3.28 and a beta of 0.87. Nouveau Monde Graphite has a 52-week low of $1.30 and a 52-week high of $6.06. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.62 and a current ratio of 0.62. The stock’s 50-day simple moving average is $2.63 and its 200 day simple moving average is $2.60.

Nouveau Monde Graphite Company Profile

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.