Analysts Set Nouveau Monde Graphite Inc. (NYSE:NMG) Price Target at $4.67

Nouveau Monde Graphite Inc. (NYSE:NMG) has been given a consensus rating of “Moderate Buy” by the seven ratings firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $4.6667.

NMG has been the topic of several recent analyst reports. Roth Capital set a $3.50 target price on shares of Nouveau Monde Graphite in a research note on Monday, May 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Nouveau Monde Graphite in a research note on Monday, July 6th. Wall Street Zen upgraded Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a report on Saturday. Zacks Research downgraded shares of Nouveau Monde Graphite from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Finally, HC Wainwright decreased their target price on shares of Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating on the stock in a report on Thursday, May 21st.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NMG. XTX Topco Ltd increased its stake in Nouveau Monde Graphite by 100.8% during the second quarter. XTX Topco Ltd now owns 25,522 shares of the company’s stock worth $42,000 after acquiring an additional 12,811 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of Nouveau Monde Graphite during the 3rd quarter worth $58,000. Financial Sense Advisors Inc. purchased a new position in shares of Nouveau Monde Graphite during the 3rd quarter worth $256,000. Millennium Management LLC acquired a new stake in shares of Nouveau Monde Graphite during the 3rd quarter worth about $196,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Nouveau Monde Graphite during the 3rd quarter worth about $96,000. 41.09% of the stock is currently owned by hedge funds and other institutional investors.

Nouveau Monde Graphite Trading Down 5.8%

Nouveau Monde Graphite stock opened at $1.38 on Wednesday. Nouveau Monde Graphite has a 12 month low of $1.26 and a 12 month high of $6.06. The stock’s 50 day simple moving average is $1.45 and its two-hundred day simple moving average is $1.88. The firm has a market cap of $221.30 million, a PE ratio of -4.30 and a beta of 0.83.

Nouveau Monde Graphite (NYSE:NMG) last posted its earnings results on Wednesday, August 12th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.06. On average, equities research analysts forecast that Nouveau Monde Graphite will post -0.2 EPS 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.