Short Interest in NioCorp Developments Ltd. (NASDAQ:NB) Grows By 29.1%

NioCorp Developments Ltd. (NASDAQ:NB) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 8,876,407 shares, a growth of 29.1% from the December 15th total of 6,874,732 shares. Based on an average daily trading volume, of 3,311,327 shares, the days-to-cover ratio is currently 2.7 days. Currently, 9.2% of the company’s shares are short sold. Currently, 9.2% of the company’s shares are short sold. Based on an average daily trading volume, of 3,311,327 shares, the days-to-cover ratio is currently 2.7 days.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research report on Wednesday, October 8th. Loop Capital set a $8.70 target price on NioCorp Developments in a research note on Wednesday, January 7th. William Blair started coverage on NioCorp Developments in a research note on Monday, October 20th. They issued an “outperform” rating on the stock. Finally, HC Wainwright increased their price objective on NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, NioCorp Developments has a consensus rating of “Moderate Buy” and a consensus price target of $8.32.

NioCorp Developments Price Performance

NB stock traded up $0.25 on Friday, reaching $6.61. 4,247,099 shares of the company traded hands, compared to its average volume of 3,778,283. The firm has a fifty day simple moving average of $6.01 and a 200-day simple moving average of $5.62. The company has a market cap of $788.98 million, a P/E ratio of -8.06 and a beta of -0.14. NioCorp Developments has a one year low of $1.52 and a one year high of $12.58.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NB. ProShare Advisors LLC bought a new stake in shares of NioCorp Developments during the second quarter valued at approximately $25,000. KPP Advisory Services LLC purchased a new position in shares of NioCorp Developments in the second quarter worth $25,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of NioCorp Developments during the second quarter valued at $27,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of NioCorp Developments during the second quarter valued at $30,000. Finally, Global Retirement Partners LLC bought a new stake in NioCorp Developments in the 3rd quarter worth about $31,000. 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.