NioCorp Developments (NASDAQ:NB) Stock Price Down 6.2% – Here’s Why

NioCorp Developments Ltd. (NASDAQ:NB) shares traded down 6.2% on Thursday . The company traded as low as $6.38 and last traded at $6.3850. 3,124,835 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 4,376,184 shares. The stock had previously closed at $6.81.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. William Blair began coverage on shares of NioCorp Developments in a report on Monday, October 20th. They issued an “outperform” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Wednesday, October 8th. HC Wainwright raised their price objective on shares of NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Loop Capital set a $8.70 target price on shares of NioCorp Developments in a research note on Wednesday, January 7th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $8.32.

NioCorp Developments Trading Down 6.7%

The firm has a market capitalization of $758.54 million, a PE ratio of -7.71 and a beta of -0.14. The firm’s fifty day moving average price is $5.99 and its 200 day moving average price is $5.56.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Thursday, September 11th. The company reported ($0.19) earnings per share (EPS) for the quarter. As a group, research analysts expect that NioCorp Developments Ltd. will post -0.34 EPS for the current year.

Institutional Investors Weigh In On NioCorp Developments

Large investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. raised its position in NioCorp Developments by 67.0% during the third quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock valued at $18,711,000 after acquiring an additional 1,123,863 shares in the last quarter. Private Management Group Inc. bought a new stake in NioCorp Developments in the second quarter worth approximately $4,890,000. HITE Hedge Asset Management LLC bought a new stake in NioCorp Developments in the third quarter worth approximately $9,770,000. Brevan Howard Capital Management LP acquired a new position in shares of NioCorp Developments during the 3rd quarter worth $9,690,000. Finally, Marshall Wace LLP raised its holdings in shares of NioCorp Developments by 623.5% during the 3rd quarter. Marshall Wace LLP now owns 1,156,057 shares of the company’s stock valued at $7,722,000 after purchasing an additional 996,267 shares in the last quarter. Institutional investors own 4.03% of the company’s stock.

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.