Nouveau Monde Graphite (NYSE:NMG) Stock Rating Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Nouveau Monde Graphite (NYSE:NMG) from a hold rating to a sell rating in a report published on Saturday,Wall Street Zen reports.

A number of other analysts have also weighed in on the stock. Zacks Research raised shares of Nouveau Monde Graphite from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 25th. Freedom Broker began coverage on Nouveau Monde Graphite in a research report on Thursday. They set a “hold” rating and a $1.48 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $4.50 target price on shares of Nouveau Monde Graphite in a research note on Monday, August 24th. Jefferies Financial Group initiated coverage on Nouveau Monde Graphite in a research note on Wednesday, September 2nd. They set a “buy” rating and a C$2.45 target price on the stock. Finally, Weiss Ratings upgraded Nouveau Monde Graphite from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Three analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $3.87.

Nouveau Monde Graphite Stock Down 0.4%

NMG stock opened at $1.17 on Friday. Nouveau Monde Graphite has a twelve month low of $1.15 and a twelve month high of $6.06. The stock has a market capitalization of $383.47 million, a price-to-earnings ratio of -3.64 and a beta of 0.84. The firm’s fifty day simple moving average is $1.37 and its two-hundred day simple moving average is $1.68.

Nouveau Monde Graphite (NYSE:NMG) last announced 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. As a group, equities research analysts expect that Nouveau Monde Graphite will post -0.11 EPS for the current year.

Institutional Trading of Nouveau Monde Graphite

Institutional investors and hedge funds have recently modified their holdings of the stock. AXQ Capital LP grew its holdings in Nouveau Monde Graphite by 19.4% during the 2nd quarter. AXQ Capital LP now owns 56,985 shares of the company’s stock worth $85,000 after acquiring an additional 9,242 shares in the last quarter. Pacifica Partners Inc. bought a new stake in shares of Nouveau Monde Graphite in the 2nd quarter valued at about $47,000. Bank of America Corp DE raised its holdings in shares of Nouveau Monde Graphite by 5,215.1% in the 1st quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock valued at $201,000 after purchasing an additional 88,136 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of 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 worth $3,210,000 after purchasing an additional 1,321,523 shares during the period. Finally, Brooklands Fund Management Ltd lifted its position in shares of Nouveau Monde Graphite by 88.6% in 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 during the period. Institutional investors own 41.09% of the company’s stock.

Nouveau Monde Graphite Company Profile

Nouveau Monde Graphite Inc is a Canadian mining and advanced materials company developing an integrated source of graphite for the lithium-ion battery industry. The company is focused on producing graphite concentrate and value-added anode material for use in electric vehicles, energy-storage systems and other clean-technology applications.

Nouveau Monde’s principal asset is the Matawinie graphite project near Saint-Michel-des-Saints, Quebec. The company is also developing a battery materials plant in Bécancour, Quebec, designed to process graphite concentrate into anode material, including purified, coated spherical graphite.