Nouveau Monde Graphite (NYSE:NMG) Stock Rating Raised to Buy at Freedom Broker

Nouveau Monde Graphite (NYSE:NMG) was upgraded by stock analysts at Freedom Broker from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a $1.64 target price on the stock, up from their prior target price of $1.48. Freedom Broker‘s target price suggests a potential upside of 113.54% from the company’s current price.

A number of other brokerages have also recently weighed in on NMG. Jefferies Financial Group initiated coverage on Nouveau Monde Graphite in a research note on Wednesday, September 2nd. They issued a “buy” rating and a C$2.45 price objective for the company. Wall Street Zen upgraded Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a report on Saturday, October 24th. Zacks Research downgraded Nouveau Monde Graphite from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 23rd. HC Wainwright restated a “buy” rating and issued a $4.50 price objective on shares of Nouveau Monde Graphite in a report on Monday, August 24th. Finally, Weiss Ratings downgraded shares of Nouveau Monde Graphite from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $3.91.

Nouveau Monde Graphite Trading Down 0.6%

NMG stock traded down $0.00 during midday trading on Friday, hitting $0.77. 111,746 shares of the company’s stock were exchanged, compared to its average volume of 787,863. Nouveau Monde Graphite has a 1-year low of $0.75 and a 1-year high of $3.29. The stock has a market capitalization of $252.79 million, a PE ratio of -2.44 and a beta of 0.65. The business has a 50-day simple moving average of $1.11 and a two-hundred day simple moving average of $1.67.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. General Motors Holdings LLC purchased a new stake in Nouveau Monde Graphite during the 3rd quarter worth about $15,000,000. StoneX Group Inc. purchased a new position in shares of Nouveau Monde Graphite in the 3rd quarter valued at about $57,000. Alps Advisors Inc. purchased a new position in shares of Nouveau Monde Graphite in the 3rd quarter valued at about $338,000. AXQ Capital LP boosted its stake in shares of Nouveau Monde Graphite by 19.4% in the 2nd quarter. AXQ Capital LP now owns 56,985 shares of the company’s stock valued at $85,000 after buying an additional 9,242 shares during the period. Finally, Pacifica Partners Inc. acquired a new position in shares of Nouveau Monde Graphite during the second quarter worth about $47,000. 41.09% of the stock is owned by institutional investors and hedge funds.

Nouveau Monde Graphite Company Profile

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.