Nouveau Monde Graphite (NYSE:NMG) Stock Price Down 8.4% - Here's Why

Key Points

• Nouveau Monde Graphite's stock fell by 8.4%, closing at $4.30, with trading volume significantly increased to 610,071 shares compared to the average of 194,029 shares.
• Recent analyst ratings show a consensus "Hold" with a price target averaging $4.95, reflecting mixed sentiment as some firms upgraded ratings while others maintained a "Sell" stance.
• The company reported a quarterly loss with an EPS of ($0.10), missing analysts' expectations, while institutional ownership stands at 41.09%.

Nouveau Monde Graphite Inc. (NYSE:NMG - Get Free Report) shares were down 8.4% on Wednesday . The stock traded as low as $4.12 and last traded at $4.30. Approximately 610,071 shares traded hands during trading, an increase of 214% from the average daily volume of 194,029 shares. The stock had previously closed at $4.69.

Wall Street Analyst Weigh In

NMG has been the subject of a number of recent research reports. National Bank Financial raised shares of Nouveau Monde Graphite to a "hold" rating in a research report on Thursday, September 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Nouveau Monde Graphite in a report on Wednesday, October 8th. Finally, HC Wainwright boosted their target price on shares of Nouveau Monde Graphite from $2.75 to $7.50 and gave the stock a "buy" rating in a report on Wednesday. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $4.95.

Nouveau Monde Graphite Stock Down 20.5%

The business's 50 day moving average is $2.34 and its 200-day moving average is $1.96. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.70 and a current ratio of 1.70. The stock has a market cap of $567.93 million, a price-to-earnings ratio of -10.66 and a beta of 0.85.

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

Hedge Funds Weigh In On Nouveau Monde Graphite

A hedge fund recently raised its stake in Nouveau Monde Graphite stock. XTX Topco Ltd lifted its stake in shares of Nouveau Monde Graphite Inc. (NYSE:NMG - Free Report) by 100.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,522 shares of the company's stock after buying an additional 12,811 shares during the quarter. XTX Topco Ltd's holdings in Nouveau Monde Graphite were worth $42,000 as of its most recent filing with the SEC. Institutional investors own 41.09% of the company's stock.

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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