Nouveau Monde Graphite Inc. (NYSE:NMG) Sees Large Drop in Short Interest

Nouveau Monde Graphite Inc. (NYSE:NMG) was the target of a large decline in short interest in the month of May. As of May 29th, there was short interest totaling 1,496,041 shares, a decline of 83.6% from the May 14th total of 9,119,501 shares. Based on an average daily volume of 1,548,940 shares, the days-to-cover ratio is presently 1.0 days. Approximately 1.2% of the company’s stock are sold short.

Institutional Investors Weigh In On Nouveau Monde Graphite

Several large investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in shares of Nouveau Monde Graphite by 5,215.1% in the 1st quarter. Bank of America Corp DE now owns 89,826 shares of the company’s stock valued at $201,000 after buying an additional 88,136 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Nouveau Monde Graphite by 1,185.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,433,023 shares of the company’s stock valued at $3,210,000 after buying an additional 1,321,523 shares during the last quarter. Brooklands Fund Management Ltd boosted its holdings in shares of Nouveau Monde Graphite by 88.6% in the 1st quarter. Brooklands Fund Management Ltd now owns 120,000 shares of the company’s stock valued at $269,000 after buying an additional 56,384 shares during the last quarter. Banque Cantonale Vaudoise boosted its holdings in shares of Nouveau Monde Graphite by 119.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 116,000 shares of the company’s stock valued at $260,000 after buying an additional 63,200 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Nouveau Monde Graphite by 405.9% in the 4th quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock valued at $868,000 after buying an additional 280,771 shares during the last quarter. Institutional investors and hedge funds own 41.09% of the company’s stock.

Nouveau Monde Graphite Stock Down 3.1%

Shares of NYSE NMG traded down $0.04 during trading hours on Wednesday, hitting $1.39. The company had a trading volume of 1,085,178 shares, compared to its average volume of 1,095,669. The stock has a market capitalization of $222.91 million, a P/E ratio of -3.08 and a beta of 0.74. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.02. Nouveau Monde Graphite has a 1-year low of $1.37 and a 1-year high of $6.06. The firm’s 50 day moving average is $2.02 and its 200-day moving average is $2.37.

Nouveau Monde Graphite (NYSE:NMG) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.06. On average, analysts expect that Nouveau Monde Graphite will post -0.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NMG. Wall Street Zen upgraded Nouveau Monde Graphite from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Roth Mkm set a $3.50 price target on Nouveau Monde Graphite in a research report on Monday, May 18th. HC Wainwright reduced their price target on Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating for the company in a research report on Thursday, May 21st. Finally, National Bank Financial raised Nouveau Monde Graphite to a “strong-buy” rating in a research report on Friday, April 17th. Two 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 stock. According to MarketBeat.com, Nouveau Monde Graphite currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.67.

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.