13 Best Canadian Penny Stocks to Buy Right Now

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6. Nouveau Monde Graphite Inc. (NYSE:NMG)

Share Price $2.66

Stock Upside potential: 99.96%

Number of Hedge Fund Holders: 1

Nouveau Monde Graphite Inc. (NYSE:NMG) is one of the Canadian penny stocks to buy right now. On November 13, Roth MKM analyst Joseph Reagor reiterated a Buy rating on Nouveau Monde Graphite Inc. (NYSE:NMG) with a $4.70 per share price target. The positive stance came on the heels of National Bank analyst Mohamed Sidibe upgrading the stock to Outperform from Sector Perform with a C$5 price target.

The wave of positive ratings on Wall Street follows the company’s securing multiple commercial agreements for its Phase 2 graphite production. It has already inked binding supply agreements with the Canadian government and revised off take deals with existing customers.

The Canadian government has already signed a seven-year off-take agreement for 30,000 tons per annum of graphite concentrate. The supply agreement also includes 15,000 tons per annum on a take-or-pay basis at a fixed North American market price. Nouveau Monde Graphite has inked a commercial agreement with Traxys North America for 20,000 tons per annum of graphite concentrate.

Nouveau Monde Graphite Inc. (NYSE:NMG) develops a fully integrated, carbon-neutral supply chain to produce high-purity, battery-grade graphite materials for the electric vehicle (EV) and renewable energy storage markets. The company operates a mine in Quebec to extract natural graphite, which is then processed into advanced anode material at its Bécancour facility.

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