Nouveau Monde Graphite (NYSE:NMG) Downgraded to “Sell” Rating by Wall Street Zen

Nouveau Monde Graphite (NYSE:NMG) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Other analysts have also issued research reports about the company. National Bank Financial upgraded Nouveau Monde Graphite to a “strong-buy” rating in a report on Friday, April 17th. HC Wainwright lowered their target price on Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating for the company in a report on Thursday, May 21st. Finally, Roth Mkm set a $3.50 target price on Nouveau Monde Graphite in a report on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $4.67.

Nouveau Monde Graphite Stock Up 0.3%

Shares of NYSE NMG opened at $1.53 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $245.27 million, a price-to-earnings ratio of -3.39 and a beta of 0.74. The stock has a 50 day moving average price of $1.97 and a 200 day moving average price of $2.35. Nouveau Monde Graphite has a 52-week low of $1.37 and a 52-week high of $6.06.

Nouveau Monde Graphite (NYSE:NMG) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.06. Sell-side analysts expect that Nouveau Monde Graphite will post -0.2 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 increased its position in shares of Nouveau Monde Graphite by 1,185.2% during 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 in the last quarter. Millennium Management LLC increased its position in shares of 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 purchasing an additional 280,771 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Nouveau Monde Graphite during the fourth quarter worth $380,000. Bank of Montreal Can increased 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 purchasing an additional 115,424 shares in the last quarter. Finally, K.J. Harrison & Partners Inc acquired a new position in shares of Nouveau Monde Graphite during the third quarter worth $269,000. 41.09% of the stock is owned by institutional investors and hedge funds.

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.