Nouveau Monde Graphite (NYSE:NMG) Shares Down 2.2% - Here's What Happened

Nouveau Monde Graphite Inc. (NYSE:NMG - Get Free Report) shares traded down 2.2% on Thursday . The stock traded as low as $1.81 and last traded at $1.82. 39,587 shares traded hands during trading, a decline of 41% from the average session volume of 66,944 shares. The stock had previously closed at $1.86.

Analyst Upgrades and Downgrades

NMG has been the subject of a number of research reports. HC Wainwright reduced their target price on shares of Nouveau Monde Graphite from $3.00 to $2.75 and set a "buy" rating for the company in a report on Tuesday, April 1st. Roth Mkm reduced their target price on shares of Nouveau Monde Graphite from $3.00 to $2.40 and set a "buy" rating for the company in a report on Wednesday, March 26th.

Nouveau Monde Graphite Trading Down 2.3%

The firm has a market capitalization of $194.76 million, a PE ratio of -2.70 and a beta of 0.75. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.02. The stock's fifty day simple moving average is $1.76 and its 200 day simple moving average is $1.73.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). On average, sell-side analysts predict that Nouveau Monde Graphite Inc. will post -0.47 earnings per share for the current year.

Hedge Funds Weigh In On Nouveau Monde Graphite

A number of hedge funds have recently modified their holdings of the company. Quinn Opportunity Partners LLC boosted its position in shares of Nouveau Monde Graphite by 207.7% in the fourth quarter. Quinn Opportunity Partners LLC now owns 74,068 shares of the company's stock worth $118,000 after purchasing an additional 50,000 shares during the period. Bank of Montreal Can boosted its position in shares of Nouveau Monde Graphite by 46.2% in the fourth quarter. Bank of Montreal Can now owns 48,430 shares of the company's stock worth $76,000 after purchasing an additional 15,300 shares during the period. Millennium Management LLC boosted its position in shares of Nouveau Monde Graphite by 51.9% in the fourth 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 period. Arkadios Wealth Advisors bought a new position in shares of Nouveau Monde Graphite in the first quarter worth approximately $45,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Nouveau Monde Graphite during the fourth quarter worth $26,000. 41.09% of the stock is currently 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.