Nouveau Monde Graphite (NYSE:NMG) Shares Down 2.2% – Time to Sell?

Nouveau Monde Graphite Inc. (NYSE:NMG)’s stock price dropped 2.2% during mid-day trading on Thursday . The company traded as low as $1.81 and last traded at $1.82. Approximately 39,587 shares changed hands during trading, a decline of 41% from the average daily volume of 66,944 shares. The stock had previously closed at $1.86.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Roth Mkm dropped their price objective on shares of Nouveau Monde Graphite from $3.00 to $2.40 and set a “buy” rating for the company in a report on Wednesday, March 26th. HC Wainwright dropped their price target on shares of Nouveau Monde Graphite from $3.00 to $2.75 and set a “buy” rating for the company in a research note on Tuesday, April 1st.

Nouveau Monde Graphite Price Performance

The stock’s 50 day moving average is $1.75 and its two-hundred day moving average is $1.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.74 and a quick ratio of 1.74. The stock has a market capitalization of $204.89 million, a PE ratio of -2.84 and a beta of 0.75.

Nouveau Monde Graphite (NYSE:NMG) last issued its earnings results on Wednesday, May 14th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). As a group, sell-side analysts forecast that Nouveau Monde Graphite Inc. will post -0.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nouveau Monde Graphite

Several hedge funds have recently added to or reduced their stakes in NMG. Arkadios Wealth Advisors acquired a new stake in Nouveau Monde Graphite during the 1st quarter worth $45,000. Millennium Management LLC lifted its holdings in shares of Nouveau Monde Graphite by 51.9% in the 4th quarter. Millennium Management LLC now owns 47,755 shares of the company’s stock valued at $76,000 after purchasing an additional 16,312 shares during the last quarter. Quinn Opportunity Partners LLC boosted its position in shares of Nouveau Monde Graphite by 207.7% in the 4th quarter. Quinn Opportunity Partners LLC now owns 74,068 shares of the company’s stock valued at $118,000 after purchasing an additional 50,000 shares during the period. Bank of Montreal Can boosted its holdings in shares of Nouveau Monde Graphite by 46.2% in the fourth quarter. Bank of Montreal Can now owns 48,430 shares of the company’s stock valued at $76,000 after acquiring an additional 15,300 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Nouveau Monde Graphite in the fourth quarter valued at approximately $26,000. 41.09% of the stock is currently owned by hedge funds and other institutional investors.

About Nouveau Monde Graphite

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.