NioCorp Developments (NASDAQ:NB) Trading Down 7.8% – Here’s Why

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price fell 7.8% on Wednesday . The stock traded as low as $5.99 and last traded at $6.0470. 4,417,042 shares were traded during trading, a decline of 7% from the average session volume of 4,762,001 shares. The stock had previously closed at $6.56.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NB. HC Wainwright boosted their price objective on shares of NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Loop Capital set a $8.70 price target on shares of NioCorp Developments in a report on Wednesday, January 7th. William Blair began coverage on shares of NioCorp Developments in a research report on Monday, October 20th. They issued an “outperform” rating on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Wednesday, October 8th. 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $8.32.

NioCorp Developments Stock Down 2.1%

The company’s 50-day simple moving average is $6.03 and its 200 day simple moving average is $5.70. The firm has a market capitalization of $766.30 million, a PE ratio of -7.83 and a beta of -0.14.

NioCorp Developments (NASDAQ:NB) last released its earnings results on Thursday, September 11th. The company reported ($0.19) earnings per share for the quarter. On average, sell-side analysts forecast that NioCorp Developments Ltd. will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of NioCorp Developments

Several large investors have recently made changes to their positions in NB. Global Retirement Partners LLC acquired a new stake in shares of NioCorp Developments in the third quarter worth $31,000. Russell Investments Group Ltd. purchased a new stake in NioCorp Developments in the third quarter valued at $40,000. Jones Financial Companies Lllp grew its position in NioCorp Developments by 131.9% during the 3rd quarter. Jones Financial Companies Lllp now owns 7,183 shares of the company’s stock worth $49,000 after purchasing an additional 4,085 shares during the period. Legal & General Group Plc grew its position in NioCorp Developments by 31.6% during the 3rd quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock worth $51,000 after purchasing an additional 1,822 shares during the period. Finally, IFP Advisors Inc raised its stake in shares of NioCorp Developments by 7,838.0% during the 3rd quarter. IFP Advisors Inc now owns 7,938 shares of the company’s stock valued at $53,000 after buying an additional 7,838 shares during the last quarter. 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.