Nouveau Monde Graphite (NYSE:NMG) Shares Down 5.6% - Here's What Happened

Nouveau Monde Graphite Inc. (NYSE:NMG - Get Free Report)'s share price traded down 5.6% on Friday . The company traded as low as $1.47 and last traded at $1.53. 34,731 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 68,191 shares. The stock had previously closed at $1.62.

Wall Street Analysts Forecast Growth

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

Nouveau Monde Graphite Price Performance

The business has a fifty day moving average of $1.92 and a 200-day moving average of $1.61. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.02. The firm has a market cap of $164.37 million, a PE ratio of -2.28 and a beta of 0.78.

Institutional Investors Weigh In On Nouveau Monde Graphite

Institutional investors and hedge funds have recently modified their holdings of the company. National Bank of Canada FI increased its holdings in Nouveau Monde Graphite by 6.7% during the 3rd quarter. National Bank of Canada FI now owns 124,610 shares of the company's stock worth $196,000 after acquiring an additional 7,871 shares during the period. Quinn Opportunity Partners LLC increased its holdings in shares of Nouveau Monde Graphite by 207.7% in the fourth quarter. Quinn Opportunity Partners LLC now owns 74,068 shares of the company's stock worth $118,000 after purchasing an additional 50,000 shares during the period. Bank of Montreal Can raised its position 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 worth $76,000 after buying an additional 15,300 shares in the last quarter. Millennium Management LLC raised its position in shares of Nouveau Monde Graphite by 51.9% in the fourth quarter. Millennium Management LLC now owns 47,755 shares of the company's stock worth $76,000 after buying an additional 16,312 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in Nouveau Monde Graphite during the fourth quarter valued at $26,000. 41.09% of the stock is owned by hedge funds and other institutional investors.

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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.