NioCorp Developments (NASDAQ:NB) Shares Down 5.5% – Should You Sell?

NioCorp Developments Ltd. (NASDAQ:NB) traded down 5.5% during mid-day trading on Friday . The stock traded as low as $7.33 and last traded at $7.5210. 2,032,983 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 3,341,971 shares. The stock had previously closed at $7.96.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. HC Wainwright upped their price objective on shares of NioCorp Developments from $4.00 to $8.25 and gave the company a “buy” rating in a research report on Monday, September 22nd. Maxim Group upped their price objective on shares of NioCorp Developments from $4.00 to $5.00 and gave the company a “buy” rating in a research report on Friday, July 11th. William Blair assumed coverage on shares of NioCorp Developments in a research report on Monday, October 20th. They issued an “outperform” rating for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.63.

NioCorp Developments Price Performance

The firm’s 50-day moving average price is $6.80 and its 200 day moving average price is $4.29. The firm has a market cap of $573.09 million, a P/E ratio of -21.68 and a beta of -0.18.

Hedge Funds Weigh In On NioCorp Developments

Several large investors have recently modified their holdings of NB. Private Management Group Inc. bought a new position in shares of NioCorp Developments during the second quarter worth about $4,890,000. Armistice Capital LLC bought a new position in shares of NioCorp Developments during the first quarter worth about $2,573,000. Geode Capital Management LLC lifted its holdings in NioCorp Developments by 2,376.5% in the second quarter. Geode Capital Management LLC now owns 644,182 shares of the company’s stock worth $1,501,000 after acquiring an additional 618,170 shares during the last quarter. PFG Advisors lifted its holdings in NioCorp Developments by 384.2% in the first quarter. PFG Advisors now owns 181,168 shares of the company’s stock worth $357,000 after acquiring an additional 143,750 shares during the last quarter. Finally, Harfst & Associates Inc. bought a new position in NioCorp Developments in the third quarter worth about $700,000. Institutional investors own 4.03% of the company’s stock.

NioCorp Developments Company Profile

NioCorp Developments Ltd. engages in the exploration and development of mineral deposits in North America. It owns and develops the Elk Creek niobium/scandium/titanium project that owns one 226.43-acre parcel of land and associated mineral rights, and an additional 40 acres of mineral rights, as well as an optioned land package that covers an area of 1,396 acres located in Johnson County, southeast Nebraska.