HC Wainwright Issues Pessimistic Forecast for Nouveau Monde Graphite (NYSE:NMG) Stock Price

Nouveau Monde Graphite (NYSE:NMG) had its price objective reduced by analysts at HC Wainwright from $7.50 to $5.50 in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price suggests a potential upside of 134.04% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. National Bankshares raised shares of Nouveau Monde Graphite to an “outperform” rating in a research report on Monday, November 3rd. Wall Street Zen downgraded Nouveau Monde Graphite to a “strong sell” rating in a research note on Saturday, November 1st. Zacks Research upgraded Nouveau Monde Graphite from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Maxim Group started coverage on Nouveau Monde Graphite in a report on Tuesday, January 20th. They issued a “buy” rating and a $6.00 target price for the company. Finally, BMO Capital Markets started coverage on Nouveau Monde Graphite in a research note on Friday, December 12th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $5.40.

Nouveau Monde Graphite Trading Down 12.0%

Shares of Nouveau Monde Graphite stock opened at $2.35 on Friday. The firm’s 50 day moving average is $2.84 and its 200 day moving average is $2.58. The firm has a market capitalization of $377.72 million, a PE ratio of -3.56 and a beta of 0.87. Nouveau Monde Graphite has a 1 year low of $1.30 and a 1 year high of $6.06. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.04.

Nouveau Monde Graphite (NYSE:NMG) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). Equities research analysts forecast that Nouveau Monde Graphite will post -0.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nouveau Monde Graphite

A number of hedge funds have recently modified their holdings of NMG. XTX Topco Ltd raised its stake in 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 during the period. CWM LLC purchased a new position in shares of Nouveau Monde Graphite in the fourth quarter worth about $46,000. Banque Cantonale Vaudoise bought a new stake in shares of Nouveau Monde Graphite in the third quarter valued at approximately $58,000. Susquehanna International Group LLP purchased a new stake in shares of Nouveau Monde Graphite during the 3rd quarter valued at approximately $96,000. Finally, Brookwood Investment Group LLC bought a new position in Nouveau Monde Graphite in the 3rd quarter worth approximately $152,000. Institutional investors 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.