Stock Traders Buy High Volume of Nouveau Monde Graphite Call Options (NYSE:NMG)

Nouveau Monde Graphite Inc. (NYSE:NMG) was the recipient of some unusual options trading on Wednesday. Stock traders acquired 2,921 call options on the company. This is an increase of 404% compared to the average daily volume of 579 call options.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Wall Street Zen cut Nouveau Monde Graphite to a “strong sell” rating in a report on Saturday, November 1st. Roth Capital set a $4.70 price objective on shares of Nouveau Monde Graphite and gave the stock a “buy” rating in a report on Thursday, October 16th. National Bank Financial raised shares of Nouveau Monde Graphite to a “hold” rating in a research note on Thursday, September 11th. Zacks Research lowered shares of Nouveau Monde Graphite from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Finally, National Bankshares raised shares of Nouveau Monde Graphite to an “outperform” rating in a report on Monday, November 3rd. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $4.87.

Hedge Funds Weigh In On Nouveau Monde Graphite

Several institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd lifted its stake in shares of Nouveau Monde Graphite by 100.8% during the 2nd quarter. XTX Topco Ltd now owns 25,522 shares of the company’s stock worth $42,000 after buying an additional 12,811 shares during the last quarter. Arkadios Wealth Advisors bought a new position in Nouveau Monde Graphite in the 1st quarter valued at about $45,000. Brookwood Investment Group LLC acquired a new stake in Nouveau Monde Graphite during the third quarter worth approximately $152,000. Finally, K.J. Harrison & Partners Inc acquired a new stake in Nouveau Monde Graphite during the third quarter worth approximately $269,000. 41.09% of the stock is currently owned by institutional investors and hedge funds.

Nouveau Monde Graphite Stock Performance

NYSE NMG traded up $0.23 during trading on Wednesday, reaching $3.02. 484,937 shares of the company’s stock were exchanged, compared to its average volume of 272,783. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.70 and a quick ratio of 1.70. The business has a 50 day moving average price of $2.72 and a 200-day moving average price of $2.14. The stock has a market capitalization of $460.51 million, a P/E ratio of -8.71 and a beta of 0.86. Nouveau Monde Graphite has a fifty-two week low of $1.22 and a fifty-two week high of $6.06.

Nouveau Monde Graphite (NYSE:NMG) last issued its earnings results on Thursday, November 13th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. Sell-side analysts forecast that Nouveau Monde Graphite will post -0.47 earnings per share for the current fiscal year.

About Nouveau Monde Graphite

Nouveau Monde Graphite Inc engages in the acquisition, exploration, development, and evaluation of mineral properties in Quebec, Canada. It primarily explores for graphite. The company’s flagship property is the 100% owned Matawinie graphite property including 176 mining claims covering an area of 9,264 hectares located in Quebec.