Freedom Broker Initiates Coverage on Nouveau Monde Graphite (NYSE:NMG)

Stock analysts at Freedom Broker started coverage on shares of Nouveau Monde Graphite (NYSE:NMG) in a report released on Thursday, Benzinga reports. The brokerage set a “hold” rating and a $1.48 price target on the stock. Freedom Broker’s price objective suggests a potential upside of 25.96% from the stock’s previous close.

A number of other brokerages also recently commented on NMG. Wall Street Zen upgraded shares of Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Jefferies Financial Group assumed coverage on shares of Nouveau Monde Graphite in a report on Wednesday, September 2nd. They issued a “buy” rating and a C$2.45 target price on the stock. Zacks Research upgraded shares of Nouveau Monde Graphite from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 25th. Weiss Ratings raised shares of Nouveau Monde Graphite from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $4.50 price target on shares of Nouveau Monde Graphite in a report on Monday, August 24th. Three analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nouveau Monde Graphite currently has an average rating of “Buy” and a consensus target price of $3.87.

Nouveau Monde Graphite Stock Down 2.1%

NMG stock traded down $0.03 during trading on Thursday, hitting $1.18. The company had a trading volume of 64,952 shares, compared to its average volume of 841,986. The firm has a market cap of $386.76 million, a PE ratio of -3.70 and a beta of 0.86. Nouveau Monde Graphite has a 1-year low of $1.17 and a 1-year high of $6.06. The firm has a 50-day moving average price of $1.38 and a 200-day moving average price of $1.69.

Nouveau Monde Graphite (NYSE:NMG) last issued its quarterly earnings results on Wednesday, August 12th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.06. Sell-side analysts anticipate that Nouveau Monde Graphite will post -0.11 earnings per share for the current year.

Hedge Funds Weigh In On Nouveau Monde Graphite

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

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.