Nouveau Monde Graphite (NYSE:NMG) Shares Up 11% – Still a Buy?

Nouveau Monde Graphite Inc. (NYSE:NMG)’s stock price traded up 11% on Tuesday . The company traded as high as $2.57 and last traded at $2.33. 472,271 shares traded hands during trading, an increase of 69% from the average session volume of 278,942 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

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

Nouveau Monde Graphite Trading Down 6.8 %

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 firm’s 50 day moving average price is $1.45 and its 200 day moving average price is $1.54. The stock has a market capitalization of $245.42 million, a P/E ratio of -3.41 and a beta of 0.67.

Hedge Funds Weigh In On Nouveau Monde Graphite

An institutional investor recently raised its position in Nouveau Monde Graphite stock. National Bank of Canada FI lifted its position in Nouveau Monde Graphite Inc. (NYSE:NMG) by 6.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 124,610 shares of the company’s stock after acquiring an additional 7,871 shares during the period. National Bank of Canada FI owned 0.11% of Nouveau Monde Graphite worth $196,000 as of its most recent SEC filing. 41.09% of the stock is currently owned by institutional investors and hedge funds.

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.