Nouveau Monde Graphite Inc. (NYSE:NMG) Stock Has Consensus Price Target of $4.67 According to Brokerages

Key Points

• Analyst sentiment is bullish: Eight brokerages give Nouveau Monde Graphite a consensus “Buy” rating, with four buys, three strong buys and one sell. The average 12-month price target is $4.67.
• The stock remains well below analysts’ target: NMG opened at $1.20, compared with a 52-week high of $6.06 and a 52-week low of $1.17. Its market capitalization is approximately $393.35 million.
• Institutional ownership increased: Several funds, including Renaissance Technologies and Bank of America, expanded their positions, with hedge funds and other institutions collectively owning 41.09% of the company.

Nouveau Monde Graphite Inc. (NYSE:NMG - Get Free Report) has been given a consensus rating of "Buy" by the eight ratings firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $4.67.

A number of analysts recently weighed in on NMG shares. Jefferies Financial Group initiated coverage on shares of Nouveau Monde Graphite in a report on Wednesday, September 2nd. They set a "buy" rating and a C$2.45 target price on the stock. HC Wainwright reissued a "buy" rating and issued a $4.50 price target on shares of Nouveau Monde Graphite in a report on Monday, August 24th. Zacks Research upgraded shares of Nouveau Monde Graphite from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 25th. Weiss Ratings raised shares of Nouveau Monde Graphite from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, September 22nd. Finally, Wall Street Zen raised Nouveau Monde Graphite from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th.

Nouveau Monde Graphite Stock Up 2.1%

NMG stock opened at $1.20 on Thursday. The firm has a market capitalization of $393.35 million, a PE ratio of -3.73 and a beta of 0.86. Nouveau Monde Graphite has a twelve month low of $1.17 and a twelve month high of $6.06. The stock has a 50-day simple moving average of $1.38 and a two-hundred day simple moving average of $1.69.

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

Institutional Investors Weigh In On Nouveau Monde Graphite

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC increased its stake in Nouveau Monde Graphite by 1,185.2% in the first quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company's stock valued at $3,210,000 after acquiring an additional 1,321,523 shares during the last quarter. Brooklands Fund Management Ltd lifted 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 purchasing an additional 56,384 shares during the last quarter. Banque Cantonale Vaudoise increased its position in shares of Nouveau Monde Graphite by 119.7% during the 1st quarter. Banque Cantonale Vaudoise now owns 116,000 shares of the company's stock valued at $260,000 after purchasing an additional 63,200 shares during the last quarter. Bank of America Corp DE increased its position in shares of Nouveau Monde Graphite by 5,215.1% during 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 last quarter. Finally, AXQ Capital LP raised its holdings in shares of Nouveau Monde Graphite by 19.4% during the 2nd quarter. AXQ Capital LP now owns 56,985 shares of the company's stock valued at $85,000 after buying an additional 9,242 shares in the last quarter. 41.09% of the stock is owned by hedge funds and other institutional investors.

About Nouveau Monde Graphite

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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