NioCorp Developments (NASDAQ:NB) Announces Quarterly Earnings Results, Beats Estimates By $0.83 EPS

NioCorp Developments (NASDAQ:NB) issued its quarterly earnings data on Friday. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.88) by $0.83, Zacks reports.

NioCorp Developments Stock Performance

NASDAQ NB traded up $0.23 during trading hours on Friday, hitting $5.97. 4,713,541 shares of the company’s stock were exchanged, compared to its average volume of 7,128,493. The business’s 50 day moving average is $6.28 and its 200-day moving average is $5.99. NioCorp Developments has a 12-month low of $1.59 and a 12-month high of $12.58. The firm has a market capitalization of $734.13 million, a P/E ratio of -7.28 and a beta of -0.14.

Institutional Investors Weigh In On NioCorp Developments

Hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd purchased a new stake in NioCorp Developments in the third quarter valued at approximately $60,000. NewEdge Advisors LLC boosted its holdings in shares of NioCorp Developments by 31.3% in the 3rd quarter. NewEdge Advisors LLC now owns 33,931 shares of the company’s stock valued at $227,000 after purchasing an additional 8,092 shares during the last quarter. Worth Venture Partners LLC grew its stake in shares of NioCorp Developments by 53.2% during the 3rd quarter. Worth Venture Partners LLC now owns 49,778 shares of the company’s stock valued at $333,000 after buying an additional 17,278 shares during the period. Alyeska Investment Group L.P. increased its holdings in shares of NioCorp Developments by 67.0% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock worth $18,711,000 after buying an additional 1,123,863 shares during the last quarter. Finally, Victory Financial Group LLC purchased a new position in shares of NioCorp Developments in the 3rd quarter worth $601,000. 4.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Loop Capital set a $8.70 price target on shares of NioCorp Developments in a report on Wednesday, January 7th. HC Wainwright upped their target price on NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a research note on Tuesday, January 13th. William Blair initiated coverage on NioCorp Developments in a research report on Monday, October 20th. They set an “outperform” rating for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, January 22nd. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $8.32.

About NioCorp Developments

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.