Nouveau Monde Graphite (NYSE:NMG) Shares Down 5.6% – Here’s What Happened

Nouveau Monde Graphite Inc. (NYSE:NMG)’s share price traded down 5.6% on Friday . The company traded as low as $1.47 and last traded at $1.53. 34,731 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 68,191 shares. The stock had previously closed at $1.62.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Nouveau Monde Graphite in a report on Tuesday, December 17th.

Nouveau Monde Graphite Trading Down 5.6 %

The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $172.25 million, a P/E ratio of -2.39 and a beta of 0.78. The firm’s 50 day simple moving average is $1.92 and its two-hundred day simple moving average is $1.62.

Institutional Investors Weigh In On Nouveau Monde Graphite

Hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. purchased a new position in Nouveau Monde Graphite during the fourth quarter worth about $26,000. Millennium Management LLC boosted its holdings in Nouveau Monde Graphite by 51.9% during the fourth quarter. Millennium Management LLC now owns 47,755 shares of the company’s stock worth $76,000 after purchasing an additional 16,312 shares during the last quarter. Bank of Montreal Can boosted its holdings in Nouveau Monde Graphite by 46.2% during the fourth quarter. Bank of Montreal Can now owns 48,430 shares of the company’s stock worth $76,000 after purchasing an additional 15,300 shares during the last quarter. Quinn Opportunity Partners LLC boosted its holdings in Nouveau Monde Graphite by 207.7% during the fourth quarter. Quinn Opportunity Partners LLC now owns 74,068 shares of the company’s stock worth $118,000 after purchasing an additional 50,000 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in Nouveau Monde Graphite by 6.7% during the third quarter. National Bank of Canada FI now owns 124,610 shares of the company’s stock worth $196,000 after purchasing an additional 7,871 shares during the last quarter. 41.09% of the stock is owned by institutional investors.

Nouveau Monde Graphite Company Profile

Nouveau Monde Graphite Inc engages in the acquisition, exploration, development, and evaluation of mineral properties in Quebec, Canada. It primarily explores for graphite. The company’s flagship property is the 100% owned Matawinie graphite property including 176 mining claims covering an area of 9,264 hectares located in Quebec.