NioCorp Developments (NASDAQ:NB) Shares Down 11.1% – Here’s Why

Shares of NioCorp Developments Ltd. (NASDAQ:NB) fell 11.1% on Thursday . The stock traded as low as $4.25 and last traded at $4.2650. 1,737,347 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 5,498,114 shares. The stock had previously closed at $4.80.

Analyst Upgrades and Downgrades

Several research firms have commented on NB. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday, January 22nd. Loop Capital set a $8.70 price target on NioCorp Developments in a research note on Wednesday, January 7th. Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 13th. Finally, HC Wainwright boosted 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, January 13th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $8.32.

NioCorp Developments Stock Performance

The stock has a 50-day moving average price of $5.93 and a two-hundred day moving average price of $6.28. The stock has a market capitalization of $614.45 million, a PE ratio of -5.31 and a beta of -0.12.

NioCorp Developments (NASDAQ:NB) last issued its earnings results on Friday, February 6th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.84. As a group, equities analysts predict that NioCorp Developments Ltd. will post -0.34 earnings per share for the current year.

Institutional Trading of NioCorp Developments

Large investors have recently modified their holdings of the company. Alyeska Investment Group L.P. increased its position in NioCorp Developments by 67.0% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock valued at $18,711,000 after purchasing an additional 1,123,863 shares during the period. Private Management Group Inc. grew its stake in NioCorp Developments by 2.2% during the 4th quarter. Private Management Group Inc. now owns 2,145,364 shares of the company’s stock valued at $11,370,000 after purchasing an additional 46,801 shares during the last quarter. State Street Corp increased its holdings in NioCorp Developments by 67.9% in the 4th quarter. State Street Corp now owns 1,768,356 shares of the company’s stock worth $9,372,000 after buying an additional 715,288 shares during the period. HITE Hedge Asset Management LLC purchased a new stake in shares of NioCorp Developments in the third quarter worth about $9,770,000. Finally, Brevan Howard Capital Management LP acquired a new stake in NioCorp Developments during the third quarter valued at $9,690,000. Hedge funds and other 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.