Nouveau Monde Graphite Inc. (NYSE:NMG) Sees Large Drop in Short Interest

Nouveau Monde Graphite Inc. (NYSE:NMG) was the target of a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 1,496,041 shares, a decrease of 83.6% from the May 14th total of 9,119,501 shares. Based on an average trading volume of 1,548,940 shares, the short-interest ratio is currently 1.0 days. Currently, 1.2% of the shares of the company are short sold.

Analyst Ratings Changes

NMG has been the topic of several research reports. National Bank Financial upgraded shares of Nouveau Monde Graphite to a “strong-buy” rating in a report on Friday, April 17th. Wall Street Zen raised shares of Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. HC Wainwright cut their target price on shares of Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating for the company in a research note on Thursday, May 21st. Finally, Roth Mkm set a $3.50 target price on shares of Nouveau Monde Graphite in a research note on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Nouveau Monde Graphite presently has an average rating of “Moderate Buy” and a consensus price target of $4.67.

Nouveau Monde Graphite Stock Performance

Nouveau Monde Graphite stock traded down $0.04 during trading hours on Wednesday, hitting $1.39. The company had a trading volume of 1,085,178 shares, compared to its average volume of 1,095,669. The firm has a market cap of $222.91 million, a PE ratio of -3.08 and a beta of 0.74. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.75 and a quick ratio of 0.75. Nouveau Monde Graphite has a one year low of $1.37 and a one year high of $6.06. The firm has a 50-day moving average of $2.02 and a 200 day moving average of $2.37.

Nouveau Monde Graphite (NYSE:NMG) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.06. On average, sell-side analysts expect that Nouveau Monde Graphite will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Nouveau Monde Graphite

Hedge funds and other institutional investors have recently modified their holdings of the company. Intrepid Family Office LLC acquired a new stake in shares of Nouveau Monde Graphite during the fourth quarter worth $25,000. XTX Topco Ltd lifted its holdings in shares of Nouveau Monde Graphite by 100.8% during the second quarter. XTX Topco Ltd now owns 25,522 shares of the company’s stock worth $42,000 after buying an additional 12,811 shares in the last quarter. CWM LLC acquired a new stake in shares of Nouveau Monde Graphite during the fourth quarter worth $46,000. Banque Cantonale Vaudoise acquired a new stake in shares of Nouveau Monde Graphite during the third quarter worth $58,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Nouveau Monde Graphite during the third quarter worth $96,000. Institutional investors and hedge funds own 41.09% of the company’s stock.

About Nouveau Monde Graphite

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.