Nouveau Monde Graphite Inc. (NYSE:NMG) Sees Significant Growth in Short Interest

Nouveau Monde Graphite Inc. (NYSE:NMG) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totaling 230,000 shares, a growth of 43.9% from the September 15th total of 159,800 shares. Based on an average trading volume of 196,400 shares, the days-to-cover ratio is currently 1.2 days. Currently, 0.6% of the shares of the stock are short sold. Currently, 0.6% of the shares of the stock are short sold. Based on an average trading volume of 196,400 shares, the days-to-cover ratio is currently 1.2 days.

Institutional Investors Weigh In On Nouveau Monde Graphite

Hedge funds have recently modified their holdings of the stock. XTX Topco Ltd boosted its position in shares of Nouveau Monde Graphite by 100.8% in the second quarter. XTX Topco Ltd now owns 25,522 shares of the company’s stock worth $42,000 after acquiring an additional 12,811 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in Nouveau Monde Graphite during the first quarter valued at approximately $45,000. Finally, Brookwood Investment Group LLC acquired a new position in Nouveau Monde Graphite during the third quarter valued at approximately $152,000. 41.09% of the stock is owned by institutional investors and hedge funds.

Nouveau Monde Graphite Price Performance

NMG opened at $2.94 on Friday. The company’s 50 day simple moving average is $2.53 and its 200 day simple moving average is $2.05. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.70 and a current ratio of 1.70. Nouveau Monde Graphite has a 1 year low of $1.22 and a 1 year high of $6.06. The stock has a market capitalization of $447.95 million, a PE ratio of -8.41 and a beta of 0.85.

Nouveau Monde Graphite (NYSE:NMG) last released its earnings results on Thursday, August 14th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.04). As a group, sell-side analysts expect that Nouveau Monde Graphite will post -0.47 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NMG shares. HC Wainwright lifted their price target on shares of Nouveau Monde Graphite from $2.75 to $7.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Zacks Research downgraded shares of Nouveau Monde Graphite from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. National Bank Financial upgraded shares of Nouveau Monde Graphite to a “hold” rating in a report on Thursday, September 11th. Roth Capital set a $4.70 price target on shares of Nouveau Monde Graphite and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nouveau Monde Graphite in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $4.87.

Nouveau Monde Graphite Company Profile

Nouveau Monde Graphite Inc engages in the acquisition, exploration, development, and evaluation of mineral properties in Quebec, Canada. It primarily explores for graphite. The company’s flagship property is the 100% owned Matawinie graphite property including 176 mining claims covering an area of 9,264 hectares located in Quebec.