Nouveau Monde Graphite (CVE:NOU) Shares Climb 5.5% – Here’s Why

Nouveau Monde Graphite Inc. (CVE:NOU) shares shot up 5.5% during mid-day trading on Thursday. The company traded as high as C$3.40 and last traded at C$3.24. 108,430 shares changed hands during mid-day trading, an increase of 29% from the average daily volume of 83,890 shares. The stock had previously closed at C$3.07.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group upgraded shares of Nouveau Monde Graphite to a “strong-buy” rating in a research report on Wednesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Strong Buy” and an average target price of C$5.25.

Nouveau Monde Graphite Price Performance

The stock has a market capitalization of C$493.33 million, a price-to-earnings ratio of -5.40 and a beta of 1.82. The company has a quick ratio of 1.29, a current ratio of 3.58 and a debt-to-equity ratio of 105.58. The business has a 50-day simple moving average of C$3.24 and a two-hundred day simple moving average of C$3.24.

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. It also involved in the real estate and trading activities. The company was formerly known as Nouveau Monde Mining Enterprises Inc and changed its name to Nouveau Monde Graphite Inc in February 2017.