NioCorp Developments (NASDAQ:NB) Shares Up 7.7% – What’s Next?

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price shot up 7.7% during mid-day trading on Monday . The company traded as high as $4.91 and last traded at $4.9850. 2,559,173 shares traded hands during trading, a decline of 51% from the average session volume of 5,202,854 shares. The stock had previously closed at $4.63.

Analyst Ratings Changes

A number of research firms recently issued reports on NB. Loop Capital set a $8.70 price objective on NioCorp Developments in a report on Wednesday, January 7th. 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a report on Thursday, January 22nd. Finally, Zacks Research downgraded NioCorp Developments from a “strong-buy” rating to a “hold” rating in a report on Friday, March 13th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, NioCorp Developments presently has an average rating of “Hold” and an average target price of $8.32.

NioCorp Developments Stock Up 6.3%

The stock has a 50 day simple moving average of $5.31 and a two-hundred day simple moving average of $6.26. The stock has a market capitalization of $696.51 million, a P/E ratio of -6.02 and a beta of -0.03.

NioCorp Developments (NASDAQ:NB) last posted its quarterly earnings results on Friday, February 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.83. Sell-side analysts predict that NioCorp Developments Ltd. will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of NioCorp Developments

Hedge funds have recently made changes to their positions in the business. Brevan Howard Capital Management LP acquired a new stake in shares of NioCorp Developments in the third quarter valued at approximately $9,690,000. HITE Hedge Asset Management LLC acquired a new stake in shares of NioCorp Developments in the third quarter valued at approximately $9,770,000. Harfst & Associates Inc. acquired a new stake in shares of NioCorp Developments in the third quarter valued at approximately $700,000. PFG Advisors acquired a new stake in shares of NioCorp Developments in the third quarter valued at approximately $1,224,000. Finally, IFP Advisors Inc lifted its position in shares of NioCorp Developments by 7,838.0% in the third quarter. IFP Advisors Inc now owns 7,938 shares of the company’s stock valued at $53,000 after buying an additional 7,838 shares during the last quarter. 4.03% of the stock is owned by institutional investors and hedge funds.

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.