NioCorp Developments (NASDAQ:NB) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

NioCorp Developments (NASDAQ:NB) posted its quarterly earnings data on Thursday. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.04, FiscalAI reports.

NioCorp Developments Stock Down 9.1%

NASDAQ:NB traded down $0.27 during trading hours on Thursday, hitting $2.70. 3,426,900 shares of the stock were exchanged, compared to its average volume of 3,021,298. The company’s 50 day moving average is $3.50 and its two-hundred day moving average is $4.83. NioCorp Developments has a twelve month low of $2.59 and a twelve month high of $8.18. The company has a market capitalization of $393.80 million, a P/E ratio of -5.00 and a beta of 0.30.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on NB shares. Jefferies Financial Group initiated coverage on NioCorp Developments in a report on Wednesday, September 2nd. They set a “hold” rating and a $4.70 price target for the company. HC Wainwright reissued a “buy” rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Wall Street Zen upgraded NioCorp Developments from a “strong sell” rating to a “sell” rating in a report on Saturday, October 10th. Zacks Research upgraded NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 14th. Finally, Texas Capital raised NioCorp Developments to a “strong-buy” rating in a report on Tuesday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $8.85.

About NioCorp Developments

NioCorp Developments Ltd. is a mineral-development company focused on advancing the Elk Creek Critical Minerals Project in southeastern Nebraska. The proposed project is designed to produce niobium, scandium and titanium, along with potential rare earth products, from a carbonatite ore body. These minerals are used in applications such as high-strength steel, aerospace components, lightweight alloys, permanent magnets and other advanced technologies.

NioCorp is focused on permitting, project financing, engineering and development rather than operating a producing mine.