Nouveau Monde Graphite (NYSE:NMG) Stock Price Down 0.7% – What’s Next?

Nouveau Monde Graphite Inc. (NYSE:NMG)’s stock price was down 0.7% during mid-day trading on Wednesday . The stock traded as low as $2.19 and last traded at $2.2650. Approximately 548,308 shares were traded during trading, a decline of 29% from the average daily volume of 769,845 shares. The stock had previously closed at $2.28.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Nouveau Monde Graphite in a research report on Thursday, January 22nd. BMO Capital Markets initiated coverage on Nouveau Monde Graphite in a report on Friday, December 12th. They set an “outperform” rating for the company. HC Wainwright decreased their price objective on shares of Nouveau Monde Graphite from $7.50 to $5.50 and set a “buy” rating on the stock in a research report on Friday, January 30th. Zacks Research raised shares of Nouveau Monde Graphite from a “strong sell” rating to a “hold” rating in a research note on Monday, December 15th. Finally, Maxim Group started coverage on shares of Nouveau Monde Graphite in a research report on Tuesday, January 20th. They set a “buy” rating and a $6.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $5.40.

Nouveau Monde Graphite Stock Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 0.62 and a quick ratio of 0.62. The company has a 50 day simple moving average of $2.51 and a 200-day simple moving average of $2.63. The stock has a market cap of $346.59 million, a P/E ratio of -3.27 and a beta of 0.87.

Institutional Investors Weigh In On Nouveau Monde Graphite

A number of hedge funds have recently made changes to their positions in NMG. Financial Sense Advisors Inc. bought a new position in shares of Nouveau Monde Graphite during the 3rd quarter valued at $256,000. Alps Advisors Inc. bought a new stake in Nouveau Monde Graphite in the fourth quarter worth $202,000. Millennium Management LLC bought a new stake in Nouveau Monde Graphite in the third quarter worth $196,000. Royal Bank of Canada boosted its position in Nouveau Monde Graphite by 36.7% during the fourth quarter. Royal Bank of Canada now owns 68,298 shares of the company’s stock valued at $170,000 after buying an additional 18,329 shares during the period. Finally, Susquehanna International Group LLP bought a new position in shares of Nouveau Monde Graphite during the third quarter valued at about $96,000. 41.09% of the stock is currently owned by institutional investors.

Nouveau Monde Graphite Company Profile

Nouveau Monde Graphite is a Canadian mineral development company focused on the exploration, development and production of high-purity natural graphite for the electric vehicle and energy storage markets. The company’s flagship Matawinie graphite project, located north of Montreal in the province of Québec, represents one of the largest known high-grade natural graphite deposits globally. Nouveau Monde Graphite aims to advance the project toward commercial production by leveraging Québec’s abundant renewable hydroelectric power and strong mining expertise.

In addition to its core mining operations, the company operates a demonstration plant in Bécancour, Québec, where it produces coated spherical purified graphite (CSPG) anode material.