Nouveau Monde Graphite (NYSE:NMG) Upgraded at Jefferies Financial Group

Key Points

• Jefferies upgraded Nouveau Monde Graphite to “strong buy,” joining Zacks Research’s similar upgrade. Analysts’ average rating is “Buy,” with a consensus price target of $4.67.
• NMG shares opened at $1.44, near the 50-day moving average, compared with a 52-week range of $1.26 to $6.06. The company has a market capitalization of approximately $230.8 million.
• The company exceeded quarterly earnings expectations, reporting earnings per share of $0.03 versus the anticipated loss of $0.03. Institutional investors own 41.09% of the stock, while the company advances its Quebec-based graphite mining and anode-material projects.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) was upgraded by Jefferies Financial Group to a "strong-buy" rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Other equities analysts have also issued research reports about the stock. Wall Street Zen raised shares of Nouveau Monde Graphite from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Weiss Ratings raised shares of Nouveau Monde Graphite from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 18th. Zacks Research upgraded shares of Nouveau Monde Graphite from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 25th. Roth Capital set a $3.50 price objective on shares of Nouveau Monde Graphite in a research note on Monday, May 18th. Finally, HC Wainwright reiterated a "buy" rating and issued a $4.50 price objective on shares of Nouveau Monde Graphite in a report on Monday, August 24th. Four equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $4.67.

Nouveau Monde Graphite Price Performance

Shares of NYSE NMG opened at $1.44 on Wednesday. The business's 50-day moving average price is $1.44 and its two-hundred day moving average price is $1.82. Nouveau Monde Graphite has a one year low of $1.26 and a one year high of $6.06. The company has a market capitalization of $230.79 million, a P/E ratio of -4.48 and a beta of 0.86.

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

Institutional Investors Weigh In On Nouveau Monde Graphite

Large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its holdings 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 valued at $3,210,000 after purchasing an additional 1,321,523 shares during the last quarter. Alps Advisors Inc. acquired a new stake in shares of Nouveau Monde Graphite in the fourth quarter worth $202,000. Goldman Sachs Group Inc. boosted its holdings in shares of Nouveau Monde Graphite by 217.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 128,462 shares of the company's stock worth $319,000 after buying an additional 87,971 shares during the period. Marshall Wace LLP bought a new stake in shares of Nouveau Monde Graphite during the 4th quarter worth $380,000. Finally, Millennium Management LLC boosted its holdings in shares of Nouveau Monde Graphite by 405.9% during the 4th quarter. Millennium Management LLC now owns 349,950 shares of the company's stock worth $868,000 after buying an additional 280,771 shares during the period. Institutional investors own 41.09% of the company's stock.

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.

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