NioCorp Developments (NASDAQ:NB) Announces Quarterly Earnings Results

NioCorp Developments (NASDAQ:NB) announced its earnings results on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02), Zacks reports.

NioCorp Developments Trading Down 6.8%

NB stock traded down $0.40 during midday trading on Friday, reaching $5.46. The stock had a trading volume of 4,039,881 shares, compared to its average volume of 4,561,928. The company’s fifty day simple moving average is $5.25 and its 200 day simple moving average is $5.83. The company has a market cap of $779.31 million, a price-to-earnings ratio of -8.03 and a beta of 0.23. NioCorp Developments has a 52-week low of $2.17 and a 52-week high of $12.58.

Analyst Ratings Changes

NB has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Tuesday, April 21st. HC Wainwright decreased their price objective on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. Finally, Zacks Research upgraded NioCorp Developments from a “hold” rating to a “strong-buy” rating in a report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $7.90.

Institutional Trading of NioCorp Developments

A number of hedge funds and other institutional investors have recently modified their holdings of NB. Russell Investments Group Ltd. acquired a new stake in shares of NioCorp Developments in the 3rd quarter worth $40,000. The Manufacturers Life Insurance Company acquired a new stake in NioCorp Developments during the 2nd quarter worth approximately $46,000. Legal & General Group Plc grew its position in shares of NioCorp Developments by 31.6% during the third quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock worth $51,000 after buying an additional 1,822 shares in the last quarter. Aptus Capital Advisors LLC acquired a new position in shares of NioCorp Developments during the fourth quarter worth about $53,000. Finally, State of Wisconsin Investment Board acquired a new position in shares of NioCorp Developments during the fourth quarter worth about $56,000. 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.