Short Interest in Nouveau Monde Graphite Inc. (NYSE:NMG) Decreases By 20.0%

Nouveau Monde Graphite Inc. (NYSE:NMG - Get Free Report) was the recipient of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 160,000 shares, a decrease of 20.0% from the August 15th total of 200,000 shares. Currently, 0.4% of the company's shares are sold short. Based on an average daily volume of 95,100 shares, the days-to-cover ratio is presently 1.7 days. Based on an average daily volume of 95,100 shares, the days-to-cover ratio is presently 1.7 days. Currently, 0.4% of the company's shares are sold short.Get Nouveau Monde Graphite alerts:Nouveau Monde Graphite Stock PerformanceNMG stock traded up $0.14 during midday trading on Thursday, reaching $2.28. The stock had a trading volume of 221,722 shares, compared to its average volume of 46,231. The firm has a fifty day simple moving average of $1.96 and a two-hundred day simple moving average of $1.78. The stock has a market cap of $347.76 million, a PE ratio of -6.53 and a beta of 0.75. Nouveau Monde Graphite has a 52-week low of $1.22 and a 52-week high of $2.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.70 and a current ratio of 1.70. Nouveau Monde Graphite (NYSE:NMG - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.04). As a group, equities research analysts anticipate that Nouveau Monde Graphite will post -0.47 EPS for the current year. Institutional Trading of Nouveau Monde GraphiteA number of hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC boosted its holdings in 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 in the last quarter. Arkadios Wealth Advisors purchased a new stake in Nouveau Monde Graphite during the 1st quarter worth $45,000. Finally, XTX Topco Ltd boosted its position in Nouveau Monde Graphite by 100.8% during the 2nd quarter. XTX Topco Ltd now owns 25,522 shares of the company's stock worth $42,000 after purchasing an additional 12,811 shares during the period. Institutional investors and hedge funds own 41.09% of the company's stock. Wall Street Analysts Forecast GrowthSeparately, National Bank Financial upgraded Nouveau Monde Graphite to a "hold" rating in a research note on Thursday, September 11th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Nouveau Monde Graphite has an average rating of "Moderate Buy" and a consensus target price of $2.58.Check Out Our Latest Research Report on Nouveau Monde GraphiteAbout Nouveau Monde Graphite (Get Free Report)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.Further ReadingFive stocks we like better than Nouveau Monde GraphiteWhat is a Stock Market Index and How Do You Use Them?Why Seagate Is Wall Street's New Favorite AI Infrastructure PlayWhat Are Some of the Best Large-Cap Stocks to Buy?3 AI Infrastructure Stocks With Upside After the Summer RallyHow Investors Can Find the Best Cheap Dividend StocksCan Advantage2 Help Overcome D-Wave's Share Price Plateau?This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Nouveau Monde Graphite Right Now?Before you consider Nouveau Monde Graphite, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Nouveau Monde Graphite wasn't on the list.While Nouveau Monde Graphite currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here