Short Interest in Nouveau Monde Graphite Inc. (NYSE:NMG) Increases By 43.9%

Key Points

• Nouveau Monde Graphite Inc. experienced a significant increase in short interest, rising by 43.9% to 230,000 shares as of September 30th, compared to 159,800 shares on September 15th.
• The company's recent stock performance shows it traded at $2.99 with a market capitalization of $455.26 million, while analysts anticipate an earnings per share of -0.47 for the current year.
• Several institutional investors have increased their stakes in Nouveau Monde Graphite, with hedge funds collectively owning 41.09% of the company's stock.

Nouveau Monde Graphite Inc. (NYSE:NMG - Get Free Report) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totaling 230,000 shares, an increase of 43.9% from the September 15th total of 159,800 shares. Based on an average daily volume of 196,400 shares, the days-to-cover ratio is currently 1.2 days. Approximately 0.6% of the company's stock are sold short. Approximately 0.6% of the company's stock are sold short. Based on an average daily volume of 196,400 shares, the days-to-cover ratio is currently 1.2 days.

Nouveau Monde Graphite Stock Performance

NMG traded up $0.17 on Thursday, hitting $2.99. 175,037 shares of the company traded hands, compared to its average volume of 239,541. Nouveau Monde Graphite has a 12-month low of $1.22 and a 12-month high of $6.06. The company has a 50 day moving average of $2.50 and a 200-day moving average of $2.03. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $455.26 million, a PE ratio of -8.54 and a beta of 0.85.

Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.04). Sell-side analysts anticipate that Nouveau Monde Graphite will post -0.47 earnings per share for the current year.

Hedge Funds Weigh In On Nouveau Monde Graphite

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arkadios Wealth Advisors purchased a new position in shares of Nouveau Monde Graphite during the 1st quarter worth approximately $45,000. XTX Topco Ltd lifted its holdings in Nouveau Monde Graphite by 100.8% in the second quarter. XTX Topco Ltd now owns 25,522 shares of the company's stock valued at $42,000 after acquiring an additional 12,811 shares during the period. Finally, Brookwood Investment Group LLC purchased a new stake in shares of Nouveau Monde Graphite during the 3rd quarter worth $152,000. Institutional investors and hedge funds own 41.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. National Bank Financial raised Nouveau Monde Graphite to a "hold" rating in a research report on Thursday, September 11th. HC Wainwright boosted their price target on shares of Nouveau Monde Graphite from $2.75 to $7.50 and gave the stock a "buy" rating in a report on Wednesday, October 15th. Zacks Research lowered shares of Nouveau Monde Graphite from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 14th. Roth Capital set a $4.70 target price on Nouveau Monde Graphite and gave the company a "buy" rating in a report on Thursday, October 16th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nouveau Monde Graphite in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $4.87.

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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