Renaissance Technologies LLC Purchases 1,321,523 Shares of Nouveau Monde Graphite Inc. $NMG

Key Points

• Renaissance Technologies increased its Nouveau Monde Graphite stake by 1,185.2% in the first quarter, buying 1.32 million additional shares and bringing its holdings to 1.43 million shares, or roughly 0.89% of the company.
• Institutional ownership remains significant at 41.09%, while several other funds—including Millennium Management and Susquehanna International Group—recently initiated positions.
• Analyst sentiment is mixed but leans positive: the stock carries a “Moderate Buy” consensus rating with an average price target of $4.67, despite shares trading near $1.39 and having fallen substantially from their 52-week high of $6.06.

Renaissance Technologies LLC grew its position in shares of Nouveau Monde Graphite Inc. (NYSE:NMG - Free Report) by 1,185.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,433,023 shares of the company's stock after acquiring an additional 1,321,523 shares during the period. Renaissance Technologies LLC owned about 0.89% of Nouveau Monde Graphite worth $3,210,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of NMG. XTX Topco Ltd grew its stake in shares of Nouveau Monde Graphite by 100.8% in the second quarter. XTX Topco Ltd now owns 25,522 shares of the company's stock worth $42,000 after purchasing an additional 12,811 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in Nouveau Monde Graphite during the 3rd quarter valued at approximately $58,000. Financial Sense Advisors Inc. purchased a new stake in Nouveau Monde Graphite in the 3rd quarter worth approximately $256,000. Millennium Management LLC purchased a new stake in Nouveau Monde Graphite in the 3rd quarter worth approximately $196,000. Finally, Susquehanna International Group LLP bought a new stake in shares of Nouveau Monde Graphite in the 3rd quarter worth approximately $96,000. 41.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on NMG shares. Weiss Ratings restated a "sell (e+)" rating on shares of Nouveau Monde Graphite in a report on Monday, July 6th. HC Wainwright decreased their price objective on shares of Nouveau Monde Graphite from $5.50 to $4.50 and set a "buy" rating for the company in a report on Thursday, May 21st. Roth Capital set a $3.50 target price on shares of Nouveau Monde Graphite in a research report on Monday, May 18th. Wall Street Zen lowered shares of Nouveau Monde Graphite from a "hold" rating to a "sell" rating in a research note on Monday, June 29th. Finally, National Bank Financial raised shares of Nouveau Monde Graphite to a "strong-buy" rating in a research note on Friday, April 17th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Nouveau Monde Graphite currently has an average rating of "Moderate Buy" and an average price target of $4.67.

Nouveau Monde Graphite Trading Up 4.9%

Shares of NYSE NMG opened at $1.39 on Friday. Nouveau Monde Graphite Inc. has a 1 year low of $1.26 and a 1 year high of $6.06. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a 50-day moving average of $1.48 and a 200 day moving average of $1.97. The stock has a market cap of $222.75 million, a P/E ratio of -3.08 and a beta of 0.83.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.06. As a group, sell-side analysts expect that Nouveau Monde Graphite Inc. will post -0.2 EPS for the current fiscal year.

Nouveau Monde Graphite 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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