Nouveau Monde Graphite Inc. (NYSE:NMG) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Shares of Nouveau Monde Graphite Inc. (NYSE:NMG) have earned an average recommendation of “Moderate Buy” from the eight research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation, three have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $3.87.

NMG has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a report on Saturday, October 24th. Weiss Ratings raised Nouveau Monde Graphite from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 27th. Jefferies Financial Group initiated coverage on Nouveau Monde Graphite in a research report on Wednesday, September 2nd. They set a “buy” rating and a C$2.45 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $4.50 price target on shares of Nouveau Monde Graphite in a research note on Monday, August 24th. Finally, Zacks Research downgraded Nouveau Monde Graphite from a “strong-buy” rating to a “hold” rating in a report on Friday, October 23rd.

Nouveau Monde Graphite Trading Up 1.1%

NYSE NMG opened at $0.94 on Monday. The company’s fifty day simple moving average is $1.22 and its 200-day simple moving average is $1.77. Nouveau Monde Graphite has a 52 week low of $0.87 and a 52 week high of $3.60. The stock has a market cap of $309.41 million, a P/E ratio of -2.94 and a beta of 0.65.

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. On average, research analysts expect that Nouveau Monde Graphite will post -0.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Nouveau Monde Graphite

Hedge funds and other institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its stake in shares of 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 buying an additional 1,321,523 shares during the last quarter. Bank of America Corp DE raised its holdings 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 acquiring an additional 88,136 shares in the last quarter. Banque Cantonale Vaudoise raised its holdings in Nouveau Monde Graphite by 119.7% in the first quarter. Banque Cantonale Vaudoise now owns 116,000 shares of the company’s stock valued at $260,000 after acquiring an additional 63,200 shares in the last quarter. Brooklands Fund Management Ltd boosted its stake in Nouveau Monde Graphite by 88.6% during the 1st quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company’s stock valued at $269,000 after acquiring an additional 56,384 shares during the last quarter. Finally, Pacifica Partners Inc. bought a new position in Nouveau Monde Graphite during the 2nd quarter valued at $47,000. 41.09% of the stock is currently owned by hedge funds and other institutional investors.

About Nouveau Monde Graphite

Nouveau Monde Graphite Inc is a Canadian company developing an integrated source of natural graphite and battery-anode material in Quebec. The company is focused on supplying graphite products for lithium-ion batteries used in electric vehicles, energy-storage systems and other clean-technology applications.

Nouveau Monde’s principal assets include the Matawinie graphite project, an open-pit mine and concentrator planned near Saint-Michel-des-Saints, Quebec, and a battery-materials plant in Bécancour, Quebec.