Zacks Research Upgrades Nouveau Monde Graphite (NYSE:NMG) to Strong-Buy

Nouveau Monde Graphite (NYSE:NMG) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other analysts also recently issued reports about the stock. Weiss Ratings upgraded shares of Nouveau Monde Graphite from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 18th. Roth Capital set a $3.50 target price on shares of Nouveau Monde Graphite in a report on Monday, May 18th. HC Wainwright reiterated a “buy” rating and issued a $4.50 price target on shares of Nouveau Monde Graphite in a research note on Monday. Finally, Wall Street Zen raised Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Three equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $4.67.

Nouveau Monde Graphite Trading Down 0.3%

Shares of NYSE:NMG opened at $1.48 on Tuesday. The stock has a 50 day moving average of $1.44 and a 200 day moving average of $1.84. The company has a market cap of $237.22 million, a PE ratio of -4.61 and a beta of 0.83. Nouveau Monde Graphite has a 12-month low of $1.26 and a 12-month high of $6.06.

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, beating the consensus estimate of ($0.03) by $0.06. Equities research analysts predict that Nouveau Monde Graphite will post -0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nouveau Monde Graphite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AXQ Capital LP raised its holdings in Nouveau Monde Graphite by 19.4% during the 2nd quarter. AXQ Capital LP now owns 56,985 shares of the company’s stock valued at $85,000 after buying an additional 9,242 shares during the period. Pacifica Partners Inc. bought a new position in Nouveau Monde Graphite in the 2nd quarter valued at $47,000. Bank of America Corp DE increased its stake in Nouveau Monde Graphite by 5,215.1% in the first quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock worth $201,000 after purchasing an additional 88,136 shares during the period. Renaissance Technologies LLC increased its stake in 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 worth $3,210,000 after purchasing an additional 1,321,523 shares during the period. Finally, Brooklands Fund Management Ltd lifted its position in shares of Nouveau Monde Graphite by 88.6% during the first quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company’s stock worth $269,000 after purchasing an additional 56,384 shares during the last quarter. 41.09% of the stock is currently owned by hedge funds and other institutional investors.

About Nouveau Monde Graphite

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.