Nouveau Monde Graphite (NYSE:NMG) Stock Falls 4.9% - Here's What Happened

Key Points

• Nouveau Monde Graphite shares fell 4.9% to about $1.255, with trading volume roughly 81% above the average session volume.
• Despite the decline, analysts remain broadly bullish: the stock has a consensus “Buy” rating and an average price target of $4.67, compared with its current price near $1.25.
• The company reported quarterly EPS of $0.03, beating estimates by $0.06, while institutional investors own 41.09% of the stock and several funds recently increased their positions.

Nouveau Monde Graphite Inc. (NYSE:NMG - Get Free Report) shares fell 4.9% on Monday. The company traded as low as $1.25 and last traded at $1.2550. Approximately 592,665 shares were traded during mid-day trading, an increase of 81% from the average session volume of 327,104 shares. The stock had previously closed at $1.32.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on NMG shares. HC Wainwright reiterated a "buy" rating and issued a $4.50 price target on shares of Nouveau Monde Graphite in a report on Monday, August 24th. Jefferies Financial Group started coverage on shares of Nouveau Monde Graphite in a report on Wednesday, September 2nd. They set a "buy" rating and a C$2.45 price objective on the stock. Weiss Ratings raised shares of Nouveau Monde Graphite from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, September 22nd. Wall Street Zen raised shares of Nouveau Monde Graphite from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Zacks Research raised shares of Nouveau Monde Graphite from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 25th. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $4.67.

Nouveau Monde Graphite Stock Performance

The stock has a market cap of $413.10 million, a price-to-earnings ratio of -3.92 and a beta of 0.86. The business has a 50-day simple moving average of $1.38 and a two-hundred day simple moving average of $1.71.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.03) by $0.06. On average, analysts expect that Nouveau Monde Graphite Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nouveau Monde Graphite

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NMG. Renaissance Technologies LLC boosted its stake in shares of Nouveau Monde Graphite by 1,185.2% during the 1st quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company's stock worth $3,210,000 after buying an additional 1,321,523 shares during the last quarter. AXQ Capital LP increased its position in shares of Nouveau Monde Graphite by 19.4% in the second quarter. AXQ Capital LP now owns 56,985 shares of the company's stock valued at $85,000 after acquiring an additional 9,242 shares during the last quarter. Bank of America Corp DE increased its position in shares of Nouveau Monde Graphite by 5,215.1% in the first quarter. Bank of America Corp DE now owns 89,826 shares of the company's stock valued at $201,000 after acquiring an additional 88,136 shares during the last quarter. Pacifica Partners Inc. bought a new stake in Nouveau Monde Graphite during the second quarter worth about $47,000. Finally, Brooklands Fund Management Ltd raised its holdings in 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 in the last quarter. 41.09% of the stock is currently owned by institutional investors and hedge funds.

Nouveau Monde Graphite Company Profile

Nouveau Monde Graphite Inc is a Canadian company developing an integrated natural graphite operation in Quebec. Its business is centered on the Matawinie graphite mine near Saint-Michel-des-Saints and a Battery Material Plant in Bécancour, designed to process graphite concentrate into anode active material for lithium-ion batteries.

The company's planned product portfolio includes natural graphite concentrate and coated spherical purified graphite, an anode material used in electric vehicle and energy-storage batteries.

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