Nouveau Monde Graphite (NYSE:NMG) Raised to "Hold" at National Bank Financial

Key Points

• Nouveau Monde Graphite was upgraded to a "hold" rating by analysts at National Bank Financial, suggesting a shift in market sentiment.
• The company's stock rose by 10.8%, opening at $2.15, following the upgrade despite reporting a loss of ($0.10) earnings per share for the latest quarter.
• Institutional investors hold 41.09% of Nouveau Monde Graphite's stock, with notable increases in stakes from firms like XTX Topco Ltd and Millennium Management LLC.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) was upgraded by analysts at National Bank Financial to a "hold" rating in a research note issued on Thursday,Zacks.com reports.

Nouveau Monde Graphite Stock Up 10.8%

NYSE NMG opened at $2.15 on Thursday. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.01. Nouveau Monde Graphite has a 1-year low of $1.22 and a 1-year high of $2.57. The company has a 50 day moving average of $1.93 and a 200-day moving average of $1.76. The company has a market cap of $327.36 million, a price-to-earnings ratio of -6.14 and a beta of 0.75.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.04). On average, equities research analysts expect that Nouveau Monde Graphite will post -0.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd increased its stake in Nouveau Monde Graphite by 100.8% in the second quarter. XTX Topco Ltd now owns 25,522 shares of the company's stock valued at $42,000 after acquiring an additional 12,811 shares during the last quarter. Millennium Management LLC increased its stake in Nouveau Monde Graphite by 51.9% in the fourth quarter. Millennium Management LLC now owns 47,755 shares of the company's stock valued at $76,000 after acquiring an additional 16,312 shares during the last quarter. Finally, Arkadios Wealth Advisors bought a new position in Nouveau Monde Graphite in the first quarter valued at approximately $45,000. 41.09% of the stock is owned by institutional investors.

Nouveau Monde Graphite Company Profile

Nouveau Monde Graphite Inc engages in the acquisition, exploration, development, and evaluation of mineral properties in Quebec, Canada. It primarily explores for graphite. The company's flagship property is the 100% owned Matawinie graphite property including 176 mining claims covering an area of 9,264 hectares located in Quebec.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.