NioCorp Developments (NASDAQ:NB) Releases Quarterly Earnings Results, Hits Expectations

NioCorp Developments (NASDAQ:NB) announced its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02), Zacks reports.

NioCorp Developments Stock Performance

Shares of NASDAQ NB traded down $0.09 during midday trading on Thursday, hitting $5.86. 3,342,801 shares of the company traded hands, compared to its average volume of 4,700,405. NioCorp Developments has a 12-month low of $2.17 and a 12-month high of $12.58. The firm has a market cap of $836.40 million, a P/E ratio of -7.23 and a beta of 0.23. The stock has a 50-day moving average price of $5.25 and a 200 day moving average price of $5.83.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. HC Wainwright dropped their price objective on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research note on Tuesday, April 21st. Finally, Zacks Research upgraded NioCorp Developments from a “hold” rating to a “strong-buy” rating in a report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.90.

Institutional Trading of NioCorp Developments

Several large investors have recently bought and sold shares of NB. Virtu Financial LLC grew its holdings in shares of NioCorp Developments by 324.0% during the 4th quarter. Virtu Financial LLC now owns 84,133 shares of the company’s stock worth $446,000 after acquiring an additional 64,290 shares during the period. Invesco Ltd. lifted its stake in shares of NioCorp Developments by 127.2% in the 4th quarter. Invesco Ltd. now owns 65,295 shares of the company’s stock valued at $346,000 after purchasing an additional 36,555 shares during the period. EP Wealth Advisors LLC purchased a new position in shares of NioCorp Developments in the 4th quarter valued at approximately $114,000. NewEdge Advisors LLC boosted its position in shares of NioCorp Developments by 11.6% during the fourth quarter. NewEdge Advisors LLC now owns 37,873 shares of the company’s stock valued at $201,000 after purchasing an additional 3,942 shares in the last quarter. Finally, XTX Topco Ltd boosted its holdings in shares of NioCorp Developments by 101.4% during the 4th quarter. XTX Topco Ltd now owns 56,411 shares of the company’s stock valued at $299,000 after buying an additional 28,401 shares in the last quarter. 4.03% of the stock is owned by institutional investors.

NioCorp Developments Company Profile

NioCorp Developments Ltd is a North American critical minerals development company focused on advancing its flagship Elk Creek Critical Minerals Project in southeastern Nebraska. The company’s primary business activity centers on the exploration, evaluation and development of a polymetallic deposit that hosts significant quantities of niobium, scandium and titanium. Through metallurgical testing and prefeasibility studies, NioCorp aims to produce high-purity ferroniobium, high-purity titanium dioxide slag and scandium oxide for industrial, aerospace and clean-energy applications.

At the heart of NioCorp’s operations is the Elk Creek project, where the company holds surface rights and mineral leases across approximately 7,100 acres of land.