NioCorp Developments (NASDAQ:NB) Shares Up 7.8% – What’s Next?

NioCorp Developments Ltd. (NASDAQ:NB)’s share price was up 7.8% during mid-day trading on Tuesday . The company traded as high as $4.84 and last traded at $4.9280. 791,348 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 4,696,049 shares. The stock had previously closed at $4.57.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on NB shares. Wall Street Zen upgraded shares of NioCorp Developments from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. 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. Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a report on Tuesday, April 21st. Finally, B. Riley Financial started coverage on NioCorp Developments in a research report on Tuesday, June 9th. They set a “buy” rating and a $12.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, NioCorp Developments presently has a consensus rating of “Moderate Buy” and an average price target of $8.93.

NioCorp Developments Price Performance

The firm’s 50 day moving average price is $5.56 and its 200 day moving average price is $5.62. The stock has a market capitalization of $703.93 million, a P/E ratio of -7.10 and a beta of 0.22.

NioCorp Developments (NASDAQ:NB) last posted its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). On average, equities research analysts forecast that NioCorp Developments Ltd. will post -0.48 earnings per share for the current year.

Hedge Funds Weigh In On NioCorp Developments

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sound Income Strategies LLC bought a new stake in shares of NioCorp Developments during the first quarter valued at approximately $25,000. Russell Investments Group Ltd. bought a new position in NioCorp Developments in the third quarter worth $40,000. Legal & General Group Plc lifted its position in NioCorp Developments by 31.6% during the third quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock valued at $51,000 after buying an additional 1,822 shares during the period. Pittenger & Anderson Inc. lifted its position in NioCorp Developments by 74.6% during the fourth quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company’s stock valued at $41,000 after buying an additional 3,275 shares during the period. Finally, IFP Advisors Inc boosted its holdings in shares of NioCorp Developments by 7,838.0% during the 3rd 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 in the last quarter. Institutional investors own 4.03% of the company’s stock.

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.