Nouveau Monde Graphite Inc. (NYSE:NMG) Receives $4.67 Average Target Price from Analysts

Shares of Nouveau Monde Graphite Inc. (NYSE:NMG) have been given a consensus rating of “Buy” by the seven ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and three have assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $4.6667.

Several analysts have recently weighed in on the company. Wall Street Zen downgraded Nouveau Monde Graphite from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Roth Capital set a $3.50 price target on shares of Nouveau Monde Graphite in a report on Monday, May 18th. Zacks Research raised shares of Nouveau Monde Graphite from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 26th. National Bank Financial upgraded shares of Nouveau Monde Graphite to a “strong-buy” rating in a report on Friday, April 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Nouveau Monde Graphite in a report on Monday, July 6th.

Hedge Funds Weigh In On Nouveau Monde Graphite

Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its holdings in shares of Nouveau Monde Graphite by 1,185.2% in the first quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company’s stock valued at $3,210,000 after purchasing an additional 1,321,523 shares during the period. Royal Bank of Canada increased its holdings in Nouveau Monde Graphite by 36.7% during the 4th quarter. Royal Bank of Canada now owns 68,298 shares of the company’s stock worth $170,000 after purchasing an additional 18,329 shares during the period. Alps Advisors Inc. bought a new stake in Nouveau Monde Graphite during the 4th quarter valued at $202,000. Susquehanna International Group LLP bought a new stake in Nouveau Monde Graphite during the 3rd quarter valued at $96,000. Finally, Millennium Management LLC bought a new stake in Nouveau Monde Graphite during the 3rd quarter valued at $196,000. 41.09% of the stock is owned by hedge funds and other institutional investors.

Nouveau Monde Graphite Trading Down 4.6%

Shares of NYSE NMG opened at $1.35 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 0.75. The business’s 50 day moving average price is $1.65 and its 200-day moving average price is $2.11. Nouveau Monde Graphite has a fifty-two week low of $1.35 and a fifty-two week high of $6.06. The company has a market cap of $217.92 million, a price-to-earnings ratio of -3.01 and a beta of 0.81.

Nouveau Monde Graphite (NYSE:NMG) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.06. On average, sell-side analysts expect that Nouveau Monde Graphite will post -0.2 earnings per share for the current year.

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.