Nouveau Monde Graphite (NYSE:NMG) Announces Earnings Results

Nouveau Monde Graphite (NYSE:NMG) released its quarterly earnings data on Tuesday. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09, Zacks reports.

Nouveau Monde Graphite Stock Performance

Shares of NYSE:NMG traded down $0.07 during trading on Tuesday, hitting $1.98. The company’s stock had a trading volume of 1,335,889 shares, compared to its average volume of 1,059,721. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $317.63 million, a price-to-earnings ratio of -4.03 and a beta of 0.78. The company has a 50-day moving average of $2.17 and a 200-day moving average of $2.51. Nouveau Monde Graphite has a 12 month low of $1.60 and a 12 month high of $6.06.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nouveau Monde Graphite in a research note on Thursday, January 22nd. National Bank Financial upgraded shares of Nouveau Monde Graphite to a “strong-buy” rating in a research note on Friday, April 17th. HC Wainwright reduced their price target on shares of Nouveau Monde Graphite from $7.50 to $5.50 and set a “buy” rating for the company in a research note on Friday, January 30th. Finally, Maxim Group started coverage on shares of Nouveau Monde Graphite in a research note on Tuesday, January 20th. They issued a “buy” rating and a $6.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $5.40.

Institutional Trading of Nouveau Monde Graphite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NMG. Millennium Management LLC increased its holdings in Nouveau Monde Graphite by 405.9% during the fourth quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock valued at $868,000 after buying an additional 280,771 shares during the last quarter. Marshall Wace LLP bought a new stake in Nouveau Monde Graphite during the fourth quarter valued at about $380,000. Bank of Montreal Can grew its holdings in Nouveau Monde Graphite by 236.1% during the fourth quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock valued at $401,000 after purchasing an additional 115,424 shares during the period. Renaissance Technologies LLC grew its holdings in Nouveau Monde Graphite by 886.7% during the fourth quarter. Renaissance Technologies LLC now owns 111,500 shares of the company’s stock valued at $277,000 after purchasing an additional 100,200 shares during the period. Finally, Financial Sense Advisors Inc. bought a new stake in Nouveau Monde Graphite during the third quarter valued at about $256,000. 41.09% of the stock is owned by hedge funds and other 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.