Nouveau Monde Graphite (NYSE:NMG) Trading 11% Higher – Here’s What Happened

Nouveau Monde Graphite Inc. (NYSE:NMG) shares were up 11% on Tuesday . The stock traded as high as $2.57 and last traded at $2.33. Approximately 472,271 shares changed hands during mid-day trading, an increase of 69% from the average daily volume of 278,942 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a “buy” rating and set a $3.00 price target on shares of Nouveau Monde Graphite in a research report on Tuesday, December 17th.

Nouveau Monde Graphite Trading Up 11.0 %

The business has a 50 day simple moving average of $1.43 and a 200-day simple moving average of $1.54. The stock has a market capitalization of $262.31 million, a price-to-earnings ratio of -3.64 and a beta of 0.67. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.74 and a quick ratio of 1.74.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Nouveau Monde Graphite stock. National Bank of Canada FI increased its stake in Nouveau Monde Graphite Inc. (NYSE:NMG) by 6.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 124,610 shares of the company’s stock after purchasing an additional 7,871 shares during the period. National Bank of Canada FI owned approximately 0.11% of Nouveau Monde Graphite worth $196,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 41.09% of the company’s stock.

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.