National Bank Financial Upgrades Nouveau Monde Graphite (NYSE:NMG) to “Strong-Buy”

Nouveau Monde Graphite (NYSE:NMG) was upgraded by equities research analysts at National Bank Financial to a “strong-buy” rating in a note issued to investors on Friday,Zacks.com reports.

Other equities analysts have also issued reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nouveau Monde Graphite in a research note on Thursday, January 22nd. Maxim Group assumed coverage on Nouveau Monde Graphite in a research note on Tuesday, January 20th. They issued a “buy” rating and a $6.00 price objective on the stock. 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 research note on Friday, January 30th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Nouveau Monde Graphite has an average rating of “Moderate Buy” and a consensus target price of $5.40.

Nouveau Monde Graphite Price Performance

Nouveau Monde Graphite stock opened at $2.19 on Friday. The stock’s 50 day moving average is $2.20 and its 200 day moving average is $2.64. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $352.22 million, a P/E ratio of -4.47 and a beta of 0.84. Nouveau Monde Graphite has a one year low of $1.58 and a one year high of $6.06.

Nouveau Monde Graphite (NYSE:NMG) last posted its quarterly earnings data on Wednesday, March 25th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.10. As a group, research analysts expect that Nouveau Monde Graphite will post -0.47 EPS for the current year.

Hedge Funds Weigh In On Nouveau Monde Graphite

Institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its stake in 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 buying an additional 280,771 shares during the period. Bank of Montreal Can lifted its stake in 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 buying an additional 115,424 shares during the period. Marshall Wace LLP acquired a new position in Nouveau Monde Graphite in the fourth quarter valued at approximately $380,000. Renaissance Technologies LLC lifted its stake in 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 buying an additional 100,200 shares during the period. Finally, Alps Advisors Inc. acquired a new position in Nouveau Monde Graphite in the fourth quarter valued at approximately $202,000. 41.09% of the stock is owned by institutional investors and hedge funds.

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.