NioCorp Developments (NASDAQ:NB) Trading Down 7.8% – Here’s Why
by Amy Steele · The Cerbat GemShares of NioCorp Developments Ltd. (NASDAQ:NB – Get Free Report) traded down 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 Ratings Changes
Several equities research analysts have commented on the company. Loop Capital set a $8.70 price objective on NioCorp Developments in a research report on Wednesday, January 7th. William Blair initiated coverage on shares of NioCorp Developments in a research note on Monday, October 20th. They issued an “outperform” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a report on Wednesday, October 8th. Finally, HC Wainwright raised their price target 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. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, NioCorp Developments currently has an average rating of “Moderate Buy” and an average target price of $8.32.
View Our Latest Stock Report on NioCorp Developments
NioCorp Developments Stock Performance
The stock has a market cap of $766.30 million, a price-to-earnings ratio of -7.83 and a beta of -0.14. The business’s 50 day moving average is $6.03 and its 200-day moving average is $5.70.
NioCorp Developments (NASDAQ:NB – Get Free Report) last posted its quarterly earnings data on Thursday, September 11th. The company reported ($0.19) earnings per share (EPS) for the quarter. Sell-side analysts anticipate that NioCorp Developments Ltd. will post -0.34 EPS for the current fiscal year.
Institutional Investors Weigh In On NioCorp Developments
Several large investors have recently bought and sold shares of the company. ProShare Advisors LLC acquired a new position in shares of NioCorp Developments during the second quarter valued at approximately $25,000. KPP Advisory Services LLC purchased a new stake in shares of NioCorp Developments during the second quarter worth approximately $25,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of NioCorp Developments during the second quarter worth approximately $27,000. Police & Firemen s Retirement System of New Jersey acquired a new position in NioCorp Developments in the 2nd quarter valued at $30,000. Finally, Global Retirement Partners LLC purchased a new position in NioCorp Developments in the 3rd quarter valued at $31,000. 4.03% of the stock is currently 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.