NioCorp Developments (NASDAQ:NB) Shares Gap Down – Here’s Why

by · The Markets Daily

NioCorp Developments Ltd. (NASDAQ:NB – Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $6.53, but opened at $6.01. NioCorp Developments shares last traded at $6.4950, with a volume of 8,238,924 shares trading hands.

Analysts Set New Price Targets

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

Get Our Latest Report on NB

NioCorp Developments Stock Down 3.8%

The firm’s 50 day moving average price is $6.84 and its two-hundred day moving average price is $4.32. The firm has a market capitalization of $488.72 million, a PE ratio of -18.48 and a beta of -0.17.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NB. Private Management Group Inc. bought a new stake in shares of NioCorp Developments in the 2nd 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 grew its stake 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 purchasing an additional 618,170 shares in the last quarter. PFG Advisors increased its holdings in NioCorp Developments by 384.2% in the first quarter. PFG Advisors now owns 181,168 shares of the company’s stock valued at $357,000 after buying an additional 143,750 shares during the last quarter. Finally, Harfst & Associates Inc. bought a new stake in NioCorp Developments in the third quarter valued at about $700,000. 4.03% of the stock is currently owned by institutional investors.

About NioCorp Developments

(Get Free Report)

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.

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