Freedom Broker Initiates Coverage on Nouveau Monde Graphite (NYSE:NMG)

Key Points

• Freedom Broker initiated coverage of Nouveau Monde Graphite with a “hold” rating and a $1.48 price target, implying roughly 26% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $3.87, although recommendations range from “Strong Buy” to “Sell.”
• NMG shares traded near their one-year low at $1.18, while the company continues developing its Quebec-based graphite mine and battery-material processing plant; institutional investors own about 41.1% of the stock.

Analysts at Freedom Broker began coverage on shares of Nouveau Monde Graphite (NYSE:NMG - Get Free Report) in a report released on Thursday, Benzinga reports. The firm set a "hold" rating and a $1.48 price target on the stock. Freedom Broker's price target would suggest a potential upside of 25.96% from the company's previous close.

Other equities research analysts have also issued research reports about the company. Wall Street Zen raised Nouveau Monde Graphite from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Zacks Research raised Nouveau Monde Graphite from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 25th. Weiss Ratings upgraded shares of Nouveau Monde Graphite from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, September 22nd. HC Wainwright reissued a "buy" rating and set a $4.50 price objective on shares of Nouveau Monde Graphite in a report on Monday, August 24th. Finally, Jefferies Financial Group initiated coverage on shares of Nouveau Monde Graphite in a research report on Wednesday, September 2nd. They set a "buy" rating and a C$2.45 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $3.87.

Nouveau Monde Graphite Price Performance

Shares of NMG traded down $0.03 during midday trading on Thursday, reaching $1.18. The stock had a trading volume of 64,952 shares, compared to its average volume of 841,986. The company has a market cap of $386.76 million, a price-to-earnings ratio of -3.70 and a beta of 0.86. The company's fifty day simple moving average is $1.38 and its two-hundred day simple moving average is $1.69. Nouveau Monde Graphite has a 1-year low of $1.17 and a 1-year high of $6.06.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.06. On average, sell-side analysts forecast that Nouveau Monde Graphite will post -0.11 earnings per share for the current year.

Institutional Trading of Nouveau Monde Graphite

Institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC grew its stake in Nouveau Monde Graphite by 1,185.2% during the 1st quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company's stock worth $3,210,000 after buying an additional 1,321,523 shares during the last quarter. Banque Cantonale Vaudoise boosted 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 during the period. Brooklands Fund Management Ltd acquired a new stake in shares of Nouveau Monde Graphite in the fourth quarter valued at approximately $149,000. Intrepid Family Office LLC purchased a new position in shares of Nouveau Monde Graphite during the fourth quarter worth approximately $25,000. Finally, Bank of America Corp DE increased its holdings in shares of 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 acquiring an additional 88,136 shares during the period. 41.09% of the stock is owned by hedge funds and other institutional investors.

Nouveau Monde Graphite Company Profile

Nouveau Monde Graphite Inc is a Canadian company developing an integrated natural graphite operation in Quebec. Its business is centered on the Matawinie graphite mine near Saint-Michel-des-Saints and a Battery Material Plant in Bécancour, designed to process graphite concentrate into anode active material for lithium-ion batteries.

The company's planned product portfolio includes natural graphite concentrate and coated spherical purified graphite, an anode material used in electric vehicle and energy-storage batteries.

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