Nouveau Monde Graphite (NYSE:NMG) Announces Quarterly Earnings Results

Nouveau Monde Graphite (NYSE:NMG) released its quarterly earnings results on Wednesday. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.06, Zacks reports.

Nouveau Monde Graphite Stock Up 2.1%

Shares of NMG traded up $0.03 during trading hours on Wednesday, hitting $1.44. The stock had a trading volume of 292,702 shares, compared to its average volume of 951,367. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a 50 day simple moving average of $1.47 and a 200-day simple moving average of $1.94. The firm has a market capitalization of $231.59 million, a P/E ratio of -3.20 and a beta of 0.83. Nouveau Monde Graphite has a 1-year low of $1.26 and a 1-year high of $6.06.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NMG. XTX Topco Ltd increased its holdings in shares of 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 acquiring an additional 12,811 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Nouveau Monde Graphite in the 3rd quarter worth $58,000. Financial Sense Advisors Inc. bought a new position in shares of Nouveau Monde Graphite in the 3rd quarter worth $256,000. Millennium Management LLC acquired a new stake in Nouveau Monde Graphite in the 3rd quarter valued at $196,000. Finally, Susquehanna International Group LLP bought a new stake in Nouveau Monde Graphite during the 3rd quarter valued at $96,000. Institutional investors own 41.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. HC Wainwright lowered their price target on shares of Nouveau Monde Graphite from $5.50 to $4.50 and set a “buy” rating for the company in a report on Thursday, May 21st. National Bank Financial upgraded shares of Nouveau Monde Graphite to a “strong-buy” rating in a research report on Friday, April 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Nouveau Monde Graphite in a report on Monday, July 6th. Roth Capital set a $3.50 price target on shares of Nouveau Monde Graphite in a research report on Monday, May 18th. Finally, Wall Street Zen lowered Nouveau Monde Graphite from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.