NioCorp Developments (NASDAQ:NB) Posts Earnings Results, Beats Expectations By $0.83 EPS

NioCorp Developments (NASDAQ:NB) announced its quarterly earnings results on Friday. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.88) by $0.83, Zacks reports.

NioCorp Developments Stock Up 4.0%

NB stock traded up $0.23 during midday trading on Friday, hitting $5.97. The company’s stock had a trading volume of 4,713,541 shares, compared to its average volume of 7,128,493. The firm has a market capitalization of $734.13 million, a price-to-earnings ratio of -7.28 and a beta of -0.14. NioCorp Developments has a 12 month low of $1.59 and a 12 month high of $12.58. The company has a 50 day moving average of $6.28 and a two-hundred day moving average of $5.99.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Legal & General Group Plc grew its holdings in shares of NioCorp Developments by 31.6% in the third quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock valued at $51,000 after purchasing an additional 1,822 shares in the last quarter. JPMorgan Chase & Co. lifted its position in NioCorp Developments by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 28,831 shares of the company’s stock valued at $193,000 after purchasing an additional 4,298 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of NioCorp Developments in the 3rd quarter worth $40,000. Creative Planning increased its holdings in shares of NioCorp Developments by 28.4% in the 3rd quarter. Creative Planning now owns 31,306 shares of the company’s stock worth $209,000 after buying an additional 6,924 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of NioCorp Developments by 31.3% during the 3rd quarter. NewEdge Advisors LLC now owns 33,931 shares of the company’s stock valued at $227,000 after buying an additional 8,092 shares in the last quarter. Hedge funds and other institutional investors own 4.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NB. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, January 22nd. Loop Capital set a $8.70 price objective on shares of NioCorp Developments in a research report on Wednesday, January 7th. HC Wainwright boosted their target price on shares of NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Finally, William Blair started coverage on NioCorp Developments in a research note on Monday, October 20th. They issued an “outperform” rating on the stock. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.32.

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.