Nouveau Monde Graphite Inc. (NYSE:NMG) Stock Now Rated "Buy" by Wall Street Brokerages

Key Points

• Analysts have an average “Buy” rating on Nouveau Monde Graphite, with an average 12-month price target of $3.87 compared with the stock’s $0.94 opening price.
• Institutional investors increased their positions substantially in the first quarter, and hedge funds and other institutions now own 41.09% of the company.
• The stock remains near its 52-week low of $0.87, while Nouveau Monde develops Quebec-based graphite mining and battery-anode projects serving electric-vehicle and energy-storage markets.

Nouveau Monde Graphite Inc. (NYSE:NMG - Get Free Report) has earned an average recommendation of "Buy" from the eight analysts that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $3.87.

Several equities analysts recently commented on NMG shares. HC Wainwright reissued a "buy" rating and issued a $4.50 target price on shares of Nouveau Monde Graphite in a report on Monday, August 24th. Zacks Research upgraded Nouveau Monde Graphite from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 25th. Freedom Broker assumed coverage on Nouveau Monde Graphite in a report on Thursday, October 1st. They set a "hold" rating and a $1.48 price target for the company. Wall Street Zen raised Nouveau Monde Graphite from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Weiss Ratings cut Nouveau Monde Graphite from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, October 12th.

Hedge Funds Weigh In On Nouveau Monde Graphite

Hedge funds have recently made changes to their positions in the company. 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 purchasing an additional 1,321,523 shares during the period. Bank of America Corp DE boosted its stake in shares of 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 worth $201,000 after buying an additional 88,136 shares during the period. Banque Cantonale Vaudoise boosted its stake in shares of Nouveau Monde Graphite by 119.7% during the first quarter. Banque Cantonale Vaudoise now owns 116,000 shares of the company's stock worth $260,000 after buying an additional 63,200 shares during the period. Brooklands Fund Management Ltd raised its stake in Nouveau Monde Graphite by 88.6% during the 1st quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company's stock valued at $269,000 after acquiring an additional 56,384 shares during the last quarter. Finally, Pacifica Partners Inc. purchased a new stake in Nouveau Monde Graphite during the 2nd quarter valued at approximately $47,000. Hedge funds and other institutional investors own 41.09% of the company's stock.

Nouveau Monde Graphite Trading Up 0.2%

Shares of NYSE:NMG opened at $0.94 on Monday. Nouveau Monde Graphite has a 52 week low of $0.87 and a 52 week high of $3.60. The company's 50 day moving average is $1.26 and its two-hundred day moving average is $1.55. The company has a market cap of $310.73 million, a PE ratio of -2.95 and a beta of 0.84.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of ($0.03) by $0.06. As a group, equities research analysts expect that Nouveau Monde Graphite will post -0.11 EPS for the current year.

Nouveau Monde Graphite Company Profile

Nouveau Monde Graphite Inc is a Canadian company developing an integrated source of natural graphite and battery-anode material in Quebec. The company is focused on supplying graphite products for lithium-ion batteries used in electric vehicles, energy-storage systems and other clean-technology applications.

Nouveau Monde's principal assets include the Matawinie graphite project, an open-pit mine and concentrator planned near Saint-Michel-des-Saints, Quebec, and a battery-materials plant in Bécancour, Quebec.

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