Nouveau Monde Graphite (NYSE:NMG) Releases Earnings Results, Beats Estimates By $0.10 EPS

Nouveau Monde Graphite (NYSE:NMG) announced its earnings results on Wednesday. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.10, Zacks reports.

Nouveau Monde Graphite Price Performance

Nouveau Monde Graphite stock opened at $2.15 on Friday. The business’s 50-day simple moving average is $2.38 and its 200 day simple moving average is $2.65. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.04. The stock has a market cap of $345.78 million, a price-to-earnings ratio of -3.26 and a beta of 0.87. Nouveau Monde Graphite has a 12-month low of $1.30 and a 12-month high of $6.06.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on NMG shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nouveau Monde Graphite in a research report on Thursday, January 22nd. BMO Capital Markets began coverage on Nouveau Monde Graphite in a report on Friday, December 12th. They set an “outperform” rating on the stock. HC Wainwright lowered their target price on Nouveau Monde Graphite from $7.50 to $5.50 and set a “buy” rating for the company in a research note on Friday, January 30th. Maxim Group started coverage on Nouveau Monde Graphite in a report on Tuesday, January 20th. They issued a “buy” rating and a $6.00 price target for the company. Finally, Zacks Research upgraded shares of Nouveau Monde Graphite from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Nouveau Monde Graphite has a consensus rating of “Moderate Buy” and an average price target of $5.40.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Millennium Management LLC grew its position in shares of Nouveau Monde Graphite by 405.9% during the 4th quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock worth $868,000 after buying an additional 280,771 shares during the period. Marshall Wace LLP bought a new position in Nouveau Monde Graphite in the fourth quarter valued at approximately $380,000. Bank of Montreal Can boosted its stake in Nouveau Monde Graphite by 236.1% in the fourth quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock valued at $401,000 after acquiring an additional 115,424 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Nouveau Monde Graphite by 886.7% during the 4th quarter. Renaissance Technologies LLC now owns 111,500 shares of the company’s stock worth $277,000 after acquiring an additional 100,200 shares during the period. Finally, Financial Sense Advisors Inc. bought a new stake in shares of Nouveau Monde Graphite during the 3rd quarter valued at $256,000. Institutional investors own 41.09% of the company’s stock.

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.