NioCorp Developments (NASDAQ:NB) Trading 15% Higher – Still a Buy?

Shares of NioCorp Developments Ltd. (NASDAQ:NB) rose 15% on Tuesday . The company traded as high as $5.06 and last traded at $5.1290. 2,686,577 shares traded hands during trading, a decline of 39% from the average daily volume of 4,406,927 shares. The stock had previously closed at $4.46.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. B. Riley Financial started coverage on shares of NioCorp Developments in a research note on Tuesday, June 9th. They set a “buy” rating and a $12.00 price objective on the stock. Wall Street Zen cut shares of NioCorp Developments from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. HC Wainwright reissued a “buy” rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research note on Friday, July 17th. Finally, Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $10.23.

NioCorp Developments Price Performance

The stock’s fifty day simple moving average is $4.89 and its 200-day simple moving average is $5.35. The stock has a market cap of $755.90 million, a P/E ratio of -7.66 and a beta of 0.26.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02). Analysts forecast that NioCorp Developments Ltd. will post -0.46 EPS for the current year.

Hedge Funds Weigh In On NioCorp Developments

Several institutional investors have recently modified their holdings of the company. Allen Capital Group LLC increased its holdings in shares of NioCorp Developments by 15.8% in 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 period. Altshuler Shaham Ltd acquired a new position in NioCorp Developments during the 1st quarter valued at about $61,000. Talon Private Wealth LLC bought a new position in NioCorp Developments in the 1st quarter worth about $53,000. Royal Bank of Canada grew its position in NioCorp Developments by 333.5% in the 1st 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 stake in shares of NioCorp Developments in the first quarter valued at approximately $694,000. Institutional investors own 4.03% of the company’s stock.

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.