Maxim Group Begins Coverage on Nouveau Monde Graphite (NYSE:NMG)

Equities research analysts at Maxim Group began coverage on shares of Nouveau Monde Graphite (NYSE:NMG) in a report released on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Maxim Group’s price objective suggests a potential upside of 99.67% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. HC Wainwright upped their price target on Nouveau Monde Graphite from $2.75 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Wall Street Zen cut shares of Nouveau Monde Graphite to a “strong sell” rating in a report on Saturday, November 1st. Zacks Research raised shares of Nouveau Monde Graphite from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Roth Mkm set a $4.70 price target on shares of Nouveau Monde Graphite and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, BMO Capital Markets began coverage on shares of Nouveau Monde Graphite in a research note on Friday, December 12th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $6.07.

Nouveau Monde Graphite Price Performance

NMG opened at $3.01 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.62 and a quick ratio of 0.62. The stock’s 50 day simple moving average is $2.82 and its 200 day simple moving average is $2.52. The firm has a market cap of $483.01 million, a price-to-earnings ratio of -4.55 and a beta of 0.87. Nouveau Monde Graphite has a 1 year low of $1.30 and a 1 year high of $6.06.

Nouveau Monde Graphite (NYSE:NMG) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). As a group, analysts predict 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 have recently made changes to their positions in NMG. XTX Topco Ltd lifted its position in Nouveau Monde Graphite by 100.8% during the second quarter. XTX Topco Ltd now owns 25,522 shares of the company’s stock valued at $42,000 after purchasing an additional 12,811 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Nouveau Monde Graphite in the third quarter worth about $58,000. Susquehanna International Group LLP bought a new position in shares of Nouveau Monde Graphite in the third quarter worth about $96,000. Brookwood Investment Group LLC purchased a new position in shares of Nouveau Monde Graphite during the 3rd quarter valued at about $152,000. Finally, Millennium Management LLC purchased a new position in shares of Nouveau Monde Graphite during the 3rd quarter valued at about $196,000. Institutional investors own 41.09% of the company’s stock.

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.