Nouveau Monde Graphite Inc. (NYSE:NMG) Short Interest Down 20.0% in August

Key Points

• Short interest in Nouveau Monde Graphite Inc. decreased by 20.0% in August, with 160,000 shares sold short as of August 31st, down from 200,000 shares on August 15th.
• The company's stock price rose to $2.28 during trading, and it has a market cap of $347.76 million and a negative PE ratio of -6.53.
• Wall Street analysts currently rate Nouveau Monde Graphite as a "Moderate Buy" with a consensus target price of $2.58.

Nouveau Monde Graphite Inc. (NYSE:NMG - Get Free Report) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totaling 160,000 shares, a decline of 20.0% from the August 15th total of 200,000 shares. Currently, 0.4% of the shares of the company are short sold. Based on an average daily volume of 95,100 shares, the short-interest ratio is presently 1.7 days. Based on an average daily volume of 95,100 shares, the short-interest ratio is presently 1.7 days. Currently, 0.4% of the shares of the company are short sold.

Nouveau Monde Graphite Price Performance

Shares of NMG stock traded down $0.12 on Monday, hitting $2.15. 112,228 shares of the company's stock were exchanged, compared to its average volume of 58,506. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.70 and a quick ratio of 1.70. The stock has a market cap of $327.36 million, a P/E ratio of -6.14 and a beta of 0.74. Nouveau Monde Graphite has a 12 month low of $1.22 and a 12 month high of $2.57. The company has a 50 day moving average of $1.98 and a 200 day moving average of $1.79.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.04). On average, equities research analysts predict that Nouveau Monde Graphite will post -0.47 EPS for the current year.

Hedge Funds Weigh In On Nouveau Monde Graphite

A number of institutional investors and hedge funds have recently bought and sold shares of NMG. Arkadios Wealth Advisors acquired a new position in Nouveau Monde Graphite during the 1st quarter worth about $45,000. Millennium Management LLC raised its position in shares of Nouveau Monde Graphite by 51.9% during the fourth quarter. Millennium Management LLC now owns 47,755 shares of the company's stock worth $76,000 after acquiring an additional 16,312 shares during the last quarter. Finally, XTX Topco Ltd raised its position in shares of Nouveau Monde Graphite by 100.8% during the second quarter. XTX Topco Ltd now owns 25,522 shares of the company's stock worth $42,000 after acquiring an additional 12,811 shares during the last quarter. Institutional investors and hedge funds own 41.09% of the company's stock.

Analyst Ratings Changes

Separately, National Bank Financial raised shares of Nouveau Monde Graphite to a "hold" rating in a report on Thursday, September 11th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $2.58.

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.