Wall Street Zen Upgrades Nouveau Monde Graphite (NYSE:NMG) to Hold

Nouveau Monde Graphite (NYSE:NMG) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

NMG has been the subject of several other research reports. HC Wainwright reaffirmed a “buy” rating and set a $4.50 target price on shares of Nouveau Monde Graphite in a report on Monday, August 24th. Zacks Research raised Nouveau Monde Graphite from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 25th. Freedom Broker initiated coverage on Nouveau Monde Graphite in a research note on Thursday, October 1st. They set a “hold” rating and a $1.48 target price on the stock. Jefferies Financial Group began coverage on Nouveau Monde Graphite in a report on Wednesday, September 2nd. They set a “buy” rating and a C$2.45 price target for the company. Finally, Weiss Ratings downgraded Nouveau Monde Graphite from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, October 12th. Three equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Nouveau Monde Graphite presently has an average rating of “Buy” and a consensus target price of $3.87.

Nouveau Monde Graphite Stock Up 0.2%

NYSE:NMG opened at $0.94 on Friday. Nouveau Monde Graphite has a 12-month low of $0.87 and a 12-month high of $3.60. The firm has a market capitalization of $310.73 million, a price-to-earnings ratio of -2.95 and a beta of 0.84. The stock’s 50 day moving average price is $1.26 and its two-hundred day moving average price is $1.55.

Nouveau Monde Graphite (NYSE:NMG) last issued its earnings results on Wednesday, August 12th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.06. Equities research analysts expect that Nouveau Monde Graphite will post -0.11 EPS for the current year.

Hedge Funds Weigh In On Nouveau Monde Graphite

Hedge funds and other institutional investors have recently modified their holdings of the business. AXQ Capital LP lifted its holdings in Nouveau Monde Graphite by 19.4% during the 2nd quarter. AXQ Capital LP now owns 56,985 shares of the company’s stock worth $85,000 after buying an additional 9,242 shares during the period. Pacifica Partners Inc. bought a new stake in Nouveau Monde Graphite during the 2nd quarter valued at $47,000. 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 purchasing an additional 56,384 shares during the last quarter. Banque Cantonale Vaudoise grew its holdings in shares of 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. Finally, Bank of America Corp DE grew its stake in Nouveau Monde Graphite by 5,215.1% in the 1st quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock valued at $201,000 after purchasing an additional 88,136 shares during the period. Institutional investors own 41.09% of the company’s stock.

Nouveau Monde Graphite Company Profile

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.