Nouveau Monde Graphite (NYSE:NMG) Stock Gets Downgrade from Wall Street Zen

Nouveau Monde Graphite (NYSE:NMG) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other research analysts have also issued research reports about the company. Jefferies Financial Group initiated coverage on Nouveau Monde Graphite in a report on Wednesday, September 2nd. They issued a “buy” rating and a C$2.45 price target on the stock. Freedom Broker upgraded Nouveau Monde Graphite from a “hold” rating to a “buy” rating and boosted their price objective for the company from $1.48 to $1.64 in a report on Friday. Weiss Ratings lowered Nouveau Monde Graphite from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $4.50 target price on shares of Nouveau Monde Graphite in a research report on Monday, August 24th. Finally, Zacks Research cut Nouveau Monde Graphite from a “strong-buy” rating to a “hold” rating in a report on Friday, October 23rd. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Nouveau Monde Graphite currently has a consensus rating of “Moderate Buy” and an average price target of $3.91.

Nouveau Monde Graphite Price Performance

NMG stock opened at $0.80 on Friday. The stock has a market capitalization of $263.00 million, a PE ratio of 39.97 and a beta of 0.65. The company’s 50-day moving average is $1.09 and its 200-day moving average is $1.66. Nouveau Monde Graphite has a 1 year low of $0.75 and a 1 year high of $3.29.

Nouveau Monde Graphite (NYSE:NMG) last issued its earnings results on Thursday, November 12th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. On average, analysts anticipate that Nouveau Monde Graphite will post -0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nouveau Monde Graphite

A number of institutional investors and hedge funds have recently made changes to their positions in NMG. Renaissance Technologies LLC boosted its stake in Nouveau Monde Graphite by 1,185.2% during the 1st 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 during the last quarter. General Motors Holdings LLC bought a new stake in Nouveau Monde Graphite during the 3rd quarter worth approximately $15,000,000. StoneX Group Inc. bought a new stake in Nouveau Monde Graphite during the 3rd quarter worth approximately $57,000. Alps Advisors Inc. bought a new stake in Nouveau Monde Graphite during the 3rd quarter worth approximately $338,000. Finally, Brooklands Fund Management Ltd raised its stake in shares of Nouveau Monde Graphite by 88.6% in the first 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 last quarter. Institutional investors and hedge funds own 41.09% of the company’s stock.

About Nouveau Monde Graphite

Nouveau Monde Graphite is a Canadian company developing an integrated natural graphite business focused on supplying materials for electric-vehicle batteries and energy storage systems. Its planned activities span graphite mining, processing and the production of battery anode materials. The company’s key projects are in Quebec: the Matawinie graphite project near Saint-Michel-des-Saints and a proposed battery-materials facility in Bécancour. Nouveau Monde Graphite is developing these projects to serve North American customers and support regional battery supply chains.