Nouveau Monde Graphite Inc. (NYSE:NMG – Get Free Report)’s stock price traded down 4.9% during mid-day trading on Monday. The stock traded as low as $1.25 and last traded at $1.2550. 592,665 shares changed hands during trading, an increase of 81% from the average daily volume of 327,104 shares. The stock had previously closed at $1.32.
Wall Street Analyst Weigh In
NMG has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $4.50 price objective on shares of Nouveau Monde Graphite in a research report on Monday, August 24th. Wall Street Zen upgraded Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Jefferies Financial Group began coverage on Nouveau Monde Graphite in a report on Wednesday, September 2nd. They issued a “buy” rating and a C$2.45 price target for the company. Zacks Research upgraded Nouveau Monde Graphite from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 25th. Finally, Weiss Ratings raised Nouveau Monde Graphite from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $4.67.
Check Out Our Latest Research Report on NMG
Nouveau Monde Graphite Trading Up 3.0%
Nouveau Monde Graphite (NYSE:NMG – Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.06. Equities research analysts anticipate that Nouveau Monde Graphite Inc. will post -0.11 EPS for the current year.
Hedge Funds Weigh In On Nouveau Monde Graphite
A number of hedge funds have recently modified their holdings of NMG. Renaissance Technologies LLC boosted its stake in Nouveau Monde Graphite by 1,185.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company’s stock valued at $3,210,000 after buying an additional 1,321,523 shares in the last quarter. Brooklands Fund Management Ltd raised its stake in Nouveau Monde Graphite by 88.6% during the first quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company’s stock worth $269,000 after acquiring an additional 56,384 shares in the last quarter. Banque Cantonale Vaudoise raised its stake in Nouveau Monde Graphite by 119.7% during the first quarter. Banque Cantonale Vaudoise now owns 116,000 shares of the company’s stock worth $260,000 after acquiring an additional 63,200 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Nouveau Monde Graphite by 5,215.1% during the first quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock valued at $201,000 after acquiring an additional 88,136 shares during the period. Finally, AXQ Capital LP lifted its holdings in shares of Nouveau Monde Graphite by 19.4% during the second quarter. AXQ Capital LP now owns 56,985 shares of the company’s stock valued at $85,000 after acquiring an additional 9,242 shares during the period. 41.09% of the stock is owned by institutional investors and hedge funds.
Nouveau Monde Graphite Company Profile
Nouveau Monde Graphite Inc is a Canadian company developing an integrated natural graphite operation in Quebec. Its business is centered on the Matawinie graphite mine near Saint-Michel-des-Saints and a Battery Material Plant in Bécancour, designed to process graphite concentrate into anode active material for lithium-ion batteries.
The company’s planned product portfolio includes natural graphite concentrate and coated spherical purified graphite, an anode material used in electric vehicle and energy-storage batteries.
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