NioCorp Developments (NASDAQ:NB) Stock Price Down 6.4% – Here’s What Happened

NioCorp Developments Ltd. (NASDAQ:NB)’s share price dropped 6.4% during mid-day trading on Tuesday . The stock traded as low as $4.58 and last traded at $4.6250. Approximately 582,131 shares changed hands during trading, a decline of 89% from the average daily volume of 5,152,617 shares. The stock had previously closed at $4.94.

Analysts Set New Price Targets

NB has been the subject of several research reports. HC Wainwright lifted their price objective on NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Loop Capital set a $8.70 price objective on NioCorp Developments in a research report on Wednesday, January 7th. Zacks Research downgraded NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, NioCorp Developments presently has a consensus rating of “Hold” and an average target price of $8.32.

NioCorp Developments Trading Down 7.0%

The stock has a market capitalization of $655.84 million, a PE ratio of -5.68 and a beta of -0.03. The company’s 50 day simple moving average is $5.36 and its 200 day simple moving average is $6.27.

NioCorp Developments (NASDAQ:NB) last released its earnings results on Friday, February 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.88) by $0.83. As a group, analysts predict that NioCorp Developments Ltd. will post -0.34 EPS for the current year.

Institutional Trading of NioCorp Developments

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Alyeska Investment Group L.P. grew its stake in NioCorp Developments by 67.0% in the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock worth $18,711,000 after acquiring an additional 1,123,863 shares during the period. Private Management Group Inc. grew its stake in NioCorp Developments by 2.2% in the 4th quarter. Private Management Group Inc. now owns 2,145,364 shares of the company’s stock worth $11,370,000 after acquiring an additional 46,801 shares during the period. State Street Corp grew its stake in NioCorp Developments by 67.9% in the 4th quarter. State Street Corp now owns 1,768,356 shares of the company’s stock worth $9,372,000 after acquiring an additional 715,288 shares during the period. HITE Hedge Asset Management LLC purchased a new stake in NioCorp Developments in the 3rd quarter worth approximately $9,770,000. Finally, Brevan Howard Capital Management LP purchased a new stake in NioCorp Developments in the 3rd quarter worth approximately $9,690,000. 4.03% of the stock is owned by hedge funds and other 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.