Nouveau Monde Graphite (NYSE:NMG) Announces Earnings Results

Nouveau Monde Graphite (NYSE:NMG) announced its quarterly earnings results on Wednesday. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.06, Zacks reports.

Nouveau Monde Graphite Stock Performance

Shares of NMG traded up $0.03 during midday trading on Wednesday, reaching $1.44. 292,702 shares of the stock were exchanged, compared to its average volume of 951,367. Nouveau Monde Graphite has a twelve month low of $1.26 and a twelve month high of $6.06. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market capitalization of $231.59 million, a price-to-earnings ratio of -3.20 and a beta of 0.83. The business’s 50-day moving average price is $1.47 and its 200 day moving average price is $1.94.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC increased its position in Nouveau Monde Graphite by 405.9% during the fourth quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock worth $868,000 after buying an additional 280,771 shares during the period. Bank of Montreal Can grew its position in shares of Nouveau Monde Graphite by 236.1% during the fourth quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock worth $401,000 after acquiring an additional 115,424 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Nouveau Monde Graphite during the fourth quarter worth approximately $380,000. Goldman Sachs Group Inc. increased its holdings in shares of Nouveau Monde Graphite by 217.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 128,462 shares of the company’s stock valued at $319,000 after acquiring an additional 87,971 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Nouveau Monde Graphite by 886.7% in the 4th quarter. Renaissance Technologies LLC now owns 111,500 shares of the company’s stock valued at $277,000 after acquiring an additional 100,200 shares during the period. Hedge funds and other institutional investors own 41.09% of the company’s stock.

Wall Street Analysts Forecast Growth

NMG has been the topic of a number of recent analyst reports. Roth Capital set a $3.50 price objective on Nouveau Monde Graphite in a report on Monday, May 18th. National Bank Financial upgraded Nouveau Monde Graphite to a “strong-buy” rating in a research note on Friday, April 17th. Zacks Research lowered shares of Nouveau Monde Graphite from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Weiss Ratings reissued a “sell (e+)” rating on shares of Nouveau Monde Graphite in a report on Monday, July 6th. Finally, Wall Street Zen downgraded shares of Nouveau Monde Graphite from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Nouveau Monde Graphite has an average rating of “Moderate Buy” and a consensus target price of $4.67.

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.