Nouveau Monde Graphite (NYSE:NMG) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Nouveau Monde Graphite from “hold” to “strong buy,” while analysts overall maintain a consensus “buy” rating with an average price target of $4.67.
• NMG shares opened at $1.48, near the lower end of their 12-month range of $1.26 to $6.06. The company recently reported quarterly EPS of $0.03, beating the consensus estimate of a $0.03 loss.
• Institutional investors own 41.09% of the company, with Renaissance Technologies and Bank of America among the firms that significantly increased their positions.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research analysts also recently issued reports on the company. Wall Street Zen raised Nouveau Monde Graphite from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings raised Nouveau Monde Graphite from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 18th. Roth Capital set a $3.50 target price on shares of Nouveau Monde Graphite in a research note on Monday, May 18th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $4.50 price target on shares of Nouveau Monde Graphite in a report on Monday. Three research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $4.67.

Nouveau Monde Graphite Stock Down 0.3%

Shares of NMG opened at $1.48 on Tuesday. Nouveau Monde Graphite has a twelve month low of $1.26 and a twelve month high of $6.06. The company has a market capitalization of $237.22 million, a P/E ratio of -4.61 and a beta of 0.83. The firm has a 50 day moving average of $1.44 and a 200 day moving average of $1.84.

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

Institutional Trading of Nouveau Monde Graphite

A number of hedge funds have recently bought and sold shares of NMG. Renaissance Technologies LLC increased its position in shares of 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 valued at $3,210,000 after purchasing an additional 1,321,523 shares during the last quarter. Pacifica Partners Inc. bought a new stake in Nouveau Monde Graphite during the second quarter valued at approximately $47,000. Bank of America Corp DE increased its holdings in Nouveau Monde Graphite by 5,215.1% during the first 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 during the last quarter. Royal Bank of Canada raised its position in Nouveau Monde Graphite by 36.7% in the fourth quarter. Royal Bank of Canada now owns 68,298 shares of the company's stock worth $170,000 after acquiring an additional 18,329 shares during the period. Finally, Susquehanna International Group LLP bought a new position in Nouveau Monde Graphite in the third quarter worth approximately $96,000. Hedge funds and other 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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