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

Shares of Nouveau Monde Graphite Inc. (NYSE:NMG) have been given an average recommendation of “Moderate Buy” by the seven analysts that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $5.40.

Several research analysts have weighed in on NMG shares. BMO Capital Markets started coverage on shares of Nouveau Monde Graphite in a research note on Friday, December 12th. They set an “outperform” rating for the company. Zacks Research raised shares of Nouveau Monde Graphite from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Maxim Group assumed coverage on Nouveau Monde Graphite in a research report on Tuesday, January 20th. They issued a “buy” rating and a $6.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Nouveau Monde Graphite in a research report on Thursday, January 22nd. Finally, HC Wainwright cut their price objective on Nouveau Monde Graphite from $7.50 to $5.50 and set a “buy” rating on the stock in a report on Friday, January 30th.

Nouveau Monde Graphite Stock Up 6.6%

Shares of NYSE:NMG opened at $2.35 on Friday. The business has a 50-day moving average price of $2.49 and a 200 day moving average price of $2.64. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $377.15 million, a price-to-earnings ratio of -3.55 and a beta of 0.87. Nouveau Monde Graphite has a 12-month low of $1.30 and a 12-month high of $6.06.

Institutional Trading of Nouveau Monde Graphite

Several hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its stake in shares of Nouveau Monde Graphite by 405.9% in the fourth 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 during the period. Marshall Wace LLP purchased a new position in Nouveau Monde Graphite in the 4th quarter valued at approximately $380,000. Bank of Montreal Can boosted its position in Nouveau Monde Graphite by 236.1% in the 4th quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock valued at $401,000 after buying an additional 115,424 shares during the period. K.J. Harrison & Partners Inc acquired a new position in shares of Nouveau Monde Graphite in the third quarter worth $269,000. Finally, Renaissance Technologies LLC grew its stake 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 worth $277,000 after acquiring an additional 100,200 shares in the last quarter. Institutional investors and hedge funds own 41.09% of the company’s stock.

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.