Zacks Research Downgrades Nouveau Monde Graphite (NYSE:NMG) to Hold

Nouveau Monde Graphite (NYSE:NMG) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also recently weighed in on NMG. Roth Capital set a $3.50 price target on shares of Nouveau Monde Graphite in a research note on Monday, May 18th. Wall Street Zen cut shares of Nouveau Monde Graphite from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. National Bank Financial raised Nouveau Monde Graphite to a “strong-buy” rating in a research note on Friday, April 17th. HC Wainwright dropped their price objective on Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating for the company in a research report on Thursday, May 21st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Nouveau Monde Graphite in a report on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Nouveau Monde Graphite currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.67.

Nouveau Monde Graphite Price Performance

Nouveau Monde Graphite stock opened at $1.33 on Monday. The business has a 50 day simple moving average of $1.58 and a 200 day simple moving average of $2.05. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.75 and a quick ratio of 0.75. Nouveau Monde Graphite has a one year low of $1.26 and a one year high of $6.06. The company has a market capitalization of $214.71 million, a PE ratio of -2.97 and a beta of 0.81.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NMG. Bank of America Corp DE lifted its stake in Nouveau Monde Graphite by 5,215.1% in the first quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock valued at $201,000 after buying an additional 88,136 shares during the period. Renaissance Technologies LLC increased its stake in 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 in the last quarter. Brooklands Fund Management Ltd boosted its position in shares of Nouveau Monde Graphite by 88.6% during the 1st quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company’s stock worth $269,000 after purchasing an additional 56,384 shares in the last quarter. Banque Cantonale Vaudoise raised its stake in Nouveau Monde Graphite by 119.7% during the 1st quarter. Banque Cantonale Vaudoise now owns 116,000 shares of the company’s stock worth $260,000 after buying an additional 63,200 shares during the period. Finally, Millennium Management LLC grew its position in Nouveau Monde Graphite by 405.9% in the 4th quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock valued at $868,000 after purchasing an additional 280,771 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 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.