Freedom Broker Upgrades Nouveau Monde Graphite (NYSE:NMG) to Buy

Key Points

• Freedom Broker upgraded Nouveau Monde Graphite to Buy from Hold and raised its price target to $1.64 from $1.48, implying 113.54% upside from the share price cited in the report.
• Analyst views are mixed, but MarketBeat reports a Moderate Buy consensus and a $3.91 average target price; ratings include two Strong Buys, four Buys, one Hold and one Sell.
• NMG shares traded at $0.77, near their 12-month low of $0.75. The company reported a quarterly loss of $0.02 per share, narrower than analysts’ expected $0.05 loss.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) was upgraded by equities research analysts at Freedom Broker from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a $1.64 price objective on the stock, up from their prior price objective of $1.48. Freedom Broker's price target suggests a potential upside of 113.54% from the company's current price.

Other equities analysts have also recently issued research reports about the company. HC Wainwright reissued a "buy" rating and set a $4.50 target price on shares of Nouveau Monde Graphite in a report on Monday, August 24th. Weiss Ratings lowered Nouveau Monde Graphite from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday. Jefferies Financial Group started coverage on Nouveau Monde Graphite in a research report on Wednesday, September 2nd. They set a "buy" rating and a C$2.45 price target for the company. Zacks Research downgraded Nouveau Monde Graphite from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 23rd. Finally, Wall Street Zen upgraded Nouveau Monde Graphite from a "sell" rating to a "hold" rating in a report on Saturday, October 24th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $3.91.

Nouveau Monde Graphite Price Performance

NMG stock traded down $0.00 during mid-day trading on Friday, reaching $0.77. 111,746 shares of the company's stock were exchanged, compared to its average volume of 787,863. Nouveau Monde Graphite has a 12-month low of $0.75 and a 12-month high of $3.29. The stock's 50 day moving average is $1.11 and its 200 day moving average is $1.67. The company has a market cap of $252.79 million, a price-to-earnings ratio of -2.44 and a beta of 0.65.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last released its quarterly earnings results on Thursday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. On average, research analysts forecast that Nouveau Monde Graphite will post -0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. General Motors Holdings LLC acquired a new stake in shares of Nouveau Monde Graphite in the third quarter valued at approximately $15,000,000. Renaissance Technologies LLC lifted its position in Nouveau Monde Graphite by 1,185.2% during the first 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 in the last quarter. Alps Advisors Inc. acquired a new position in Nouveau Monde Graphite during the third quarter worth $338,000. Brooklands Fund Management Ltd boosted its stake in Nouveau Monde Graphite by 88.6% during the first quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company's stock worth $269,000 after buying an additional 56,384 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings 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 buying an additional 88,136 shares in the last quarter. 41.09% of the stock is currently owned by institutional investors and hedge funds.

Nouveau Monde Graphite Company Profile

Nouveau Monde Graphite is a Canadian company developing an integrated natural graphite business focused on supplying materials for electric-vehicle batteries and energy storage systems. Its planned activities span graphite mining, processing and the production of battery anode materials. The company's key projects are in Quebec: the Matawinie graphite project near Saint-Michel-des-Saints and a proposed battery-materials facility in Bécancour. Nouveau Monde Graphite is developing these projects to serve North American customers and support regional battery supply chains.

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