NioCorp Developments (NASDAQ:NB) Stock Price Up 10.4% – Here’s Why

NioCorp Developments Ltd. (NASDAQ:NB)’s share price shot up 10.4% on Tuesday . The stock traded as high as $4.77 and last traded at $4.7490. 638,184 shares traded hands during trading, a decline of 86% from the average daily volume of 4,598,179 shares. The stock had previously closed at $4.30.

Wall Street Analyst Weigh In

A number of analysts recently commented on NB shares. Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Wall Street Zen lowered shares of NioCorp Developments from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a report on Tuesday, April 21st. HC Wainwright decreased their price target on shares of NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Finally, B. Riley Financial assumed coverage on shares of NioCorp Developments in a research report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 price objective for the company. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.23.

NioCorp Developments Stock Performance

The firm has a market capitalization of $697.96 million, a P/E ratio of -7.07 and a beta of 0.24. The firm’s 50-day moving average is $5.29 and its 200 day moving average is $5.53.

NioCorp Developments (NASDAQ:NB) last released its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). As a group, research analysts expect that NioCorp Developments Ltd. will post -0.48 EPS for the current fiscal year.

Institutional Investors Weigh In On NioCorp Developments

Several institutional investors have recently bought and sold shares of the company. Allen Capital Group LLC boosted its position in NioCorp Developments by 15.8% during the 1st quarter. Allen Capital Group LLC now owns 19,718 shares of the company’s stock worth $88,000 after acquiring an additional 2,690 shares during the last quarter. Altshuler Shaham Ltd acquired a new stake in shares of NioCorp Developments in the first quarter valued at approximately $61,000. Talon Private Wealth LLC bought a new stake in shares of NioCorp Developments in the first quarter worth $53,000. Royal Bank of Canada boosted its holdings in NioCorp Developments by 333.5% during the first quarter. Royal Bank of Canada now owns 48,862 shares of the company’s stock worth $217,000 after purchasing an additional 37,590 shares during the last quarter. Finally, Quantinno Capital Management LP acquired a new position in NioCorp Developments during the first quarter worth $694,000. Institutional investors own 4.03% of the company’s stock.

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.