Nouveau Monde Graphite (NYSE:NMG) Sees Strong Trading Volume - Time to Buy?

Key Points

• Nouveau Monde Graphite (NYSE:NMG) experienced a significant increase in trading volume, with about 345,868 shares traded, marking a 200% rise from the previous session.
• The stock achieved a closing price of $3.74, up from a prior close of $3.51, following acknowledgment from multiple brokerages, including an upgrade to "hold" by National Bank Financial.
• Despite the recent trading activity, analysts maintain an average target price of $2.58, highlighting mixed sentiments with ratings of Buy, Hold, and Sell from various analysts.

Nouveau Monde Graphite Inc. (NYSE:NMG - Get Free Report) saw unusually-high trading volume on Friday . Approximately 345,868 shares were traded during trading, an increase of 200% from the previous session's volume of 115,149 shares.The stock last traded at $3.74 and had previously closed at $3.51.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NMG. National Bank Financial upgraded Nouveau Monde Graphite to a "hold" rating in a report on Thursday, September 11th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nouveau Monde Graphite in a report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Nouveau Monde Graphite presently has an average rating of "Hold" and an average target price of $2.58.

Nouveau Monde Graphite Stock Performance

The firm has a market capitalization of $559.40 million, a price-to-earnings ratio of -10.34 and a beta of 0.85. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $2.19 and a 200-day moving average price of $1.90.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last announced its quarterly earnings data 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). As a group, sell-side analysts forecast that Nouveau Monde Graphite Inc. will post -0.47 earnings per share for the current year.

Institutional Investors Weigh In On Nouveau Monde Graphite

Several hedge funds have recently modified their holdings of NMG. Millennium Management LLC raised its position in shares of Nouveau Monde Graphite by 51.9% during the 4th quarter. Millennium Management LLC now owns 47,755 shares of the company's stock worth $76,000 after purchasing an additional 16,312 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in shares of Nouveau Monde Graphite during the 1st quarter worth about $45,000. Finally, XTX Topco Ltd raised its position in shares of Nouveau Monde Graphite by 100.8% during the 2nd 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. 41.09% of the stock is owned by hedge funds and other institutional investors.

About Nouveau Monde Graphite

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.

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