NioCorp Developments (NASDAQ:NB) Shares Gap Down – Time to Sell?

Shares of NioCorp Developments Ltd. (NASDAQ:NB) gapped down before the market opened on Thursday . The stock had previously closed at $7.30, but opened at $6.81. NioCorp Developments shares last traded at $5.8960, with a volume of 6,142,246 shares.

Wall Street Analyst Weigh In

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

NioCorp Developments Stock Down 8.5%

The business’s 50 day simple moving average is $6.23 and its two-hundred day simple moving average is $5.89. The stock has a market cap of $704.22 million, a P/E ratio of -7.20 and a beta of -0.14.

NioCorp Developments (NASDAQ:NB) last issued its quarterly earnings data on Thursday, September 11th. The company reported ($0.19) earnings per share for the quarter. As a group, research analysts forecast that NioCorp Developments Ltd. will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of NioCorp Developments

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC raised its position in shares of NioCorp Developments by 15.4% during the third quarter. CWM LLC now owns 8,912 shares of the company’s stock worth $60,000 after acquiring an additional 1,188 shares during the last quarter. Legal & General Group Plc increased 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 during the period. Jones Financial Companies Lllp increased its position in shares of NioCorp Developments by 131.9% during the third quarter. Jones Financial Companies Lllp now owns 7,183 shares of the company’s stock worth $49,000 after buying an additional 4,085 shares during the period. JPMorgan Chase & Co. lifted its holdings in NioCorp Developments by 17.5% in the third quarter. JPMorgan Chase & Co. now owns 28,831 shares of the company’s stock valued at $193,000 after buying an additional 4,298 shares during the period. Finally, Global Retirement Partners LLC bought a new position in shares of NioCorp Developments in the 3rd quarter worth about $31,000. 4.03% of the stock is currently 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.