Nouveau Monde Graphite's (NMG) "Buy" Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reaffirmed its “Buy” rating on Nouveau Monde Graphite and set a $4.50 price target, implying approximately 201% upside from the stock’s $1.50 opening price.
• Analyst sentiment is generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $4.67, though recent recommendations have also included hold and sell ratings.
• Nouveau Monde reported quarterly EPS of $0.03, beating the consensus estimate of a $0.03 loss. Institutional investors own 41.09% of the company, with several hedge funds recently increasing their positions.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report)'s stock had its "buy" rating restated by investment analysts at HC Wainwright in a report released on Monday, MarketBeat.com reports. They currently have a $4.50 price objective on the stock. HC Wainwright's price target would suggest a potential upside of 201.00% from the stock's current price.

NMG has been the topic of several other research reports. Zacks Research downgraded shares of Nouveau Monde Graphite from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Roth Capital set a $3.50 price target on shares of Nouveau Monde Graphite in a research note on Monday, May 18th. Wall Street Zen upgraded shares of Nouveau Monde Graphite from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Finally, Weiss Ratings raised shares of Nouveau Monde Graphite from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $4.67.

Nouveau Monde Graphite Price Performance

NYSE:NMG opened at $1.50 on Monday. The firm has a market capitalization of $240.44 million, a price-to-earnings ratio of -4.67 and a beta of 0.83. The business has a 50 day simple moving average of $1.45 and a 200-day simple moving average of $1.86. Nouveau Monde Graphite has a 1 year low of $1.26 and a 1 year high of $6.06.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.06. As a group, analysts expect that Nouveau Monde Graphite will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. AXQ Capital LP lifted its holdings in Nouveau Monde Graphite by 19.4% during the 2nd quarter. AXQ Capital LP now owns 56,985 shares of the company's stock valued at $85,000 after buying an additional 9,242 shares in the last quarter. Pacifica Partners Inc. bought a new position in Nouveau Monde Graphite in the 2nd quarter worth about $47,000. Bank of America Corp DE grew its stake in Nouveau Monde Graphite by 5,215.1% in the 1st quarter. Bank of America Corp DE now owns 89,826 shares of the company's stock worth $201,000 after acquiring an additional 88,136 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Nouveau Monde Graphite by 1,185.2% during the first quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company's stock worth $3,210,000 after acquiring an additional 1,321,523 shares during the period. Finally, Brooklands Fund Management Ltd increased its position in shares of Nouveau Monde Graphite by 88.6% during the first quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company's stock worth $269,000 after acquiring an additional 56,384 shares during the period. 41.09% of the stock is currently owned by institutional investors.

Nouveau Monde Graphite Company 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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