Nouveau Monde Graphite (NYSE:NMG) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS
by Mitch Edgeman · The Markets DailyNouveau Monde Graphite (NYSE:NMG – Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.10, Zacks reports.
Nouveau Monde Graphite Price Performance
Shares of NYSE NMG traded up $0.01 during trading hours on Friday, reaching $2.15. 74,494 shares of the stock traded hands, compared to its average volume of 928,933. The company has a market capitalization of $344.97 million, a P/E ratio of -3.25 and a beta of 0.87. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.04. Nouveau Monde Graphite has a 52-week low of $1.30 and a 52-week high of $6.06. The company’s 50-day simple moving average is $2.38 and its two-hundred day simple moving average is $2.65.
Institutional Trading of Nouveau Monde Graphite
Several institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its holdings in Nouveau Monde Graphite by 405.9% during the 4th quarter. Millennium Management LLC now owns 349,950 shares of the company’s stock valued at $868,000 after acquiring an additional 280,771 shares during the period. Marshall Wace LLP bought a new stake in Nouveau Monde Graphite in the fourth quarter valued at $380,000. Bank of Montreal Can increased its position in shares of Nouveau Monde Graphite by 236.1% during the fourth quarter. Bank of Montreal Can now owns 164,312 shares of the company’s stock valued at $401,000 after buying an additional 115,424 shares during the period. Renaissance Technologies LLC increased its position in shares of Nouveau Monde Graphite by 886.7% during the fourth quarter. Renaissance Technologies LLC now owns 111,500 shares of the company’s stock valued at $277,000 after buying an additional 100,200 shares during the period. Finally, Financial Sense Advisors Inc. bought a new position in Nouveau Monde Graphite in the third quarter worth about $256,000. 41.09% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on NMG. HC Wainwright cut their target price on Nouveau Monde Graphite from $7.50 to $5.50 and set a “buy” rating on the stock in a research note on Friday, January 30th. BMO Capital Markets started coverage on shares of Nouveau Monde Graphite in a research report on Friday, December 12th. They set an “outperform” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nouveau Monde Graphite in a research note on Thursday, January 22nd. Maxim Group started coverage on Nouveau Monde Graphite in a research note on Tuesday, January 20th. They set a “buy” rating and a $6.00 price objective on the stock. Finally, Zacks Research raised shares of Nouveau Monde Graphite from a “strong sell” rating to a “hold” rating in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $5.40.
Check Out Our Latest Research Report on NMG
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.