NioCorp Developments (NASDAQ:NB) Announces Earnings Results

NioCorp Developments (NASDAQ:NB) announced its earnings results on Friday. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.83, Zacks reports.

NioCorp Developments Price Performance

NASDAQ:NB opened at $5.97 on Friday. The firm has a market cap of $734.13 million, a PE ratio of -7.37 and a beta of -0.14. The firm has a 50 day simple moving average of $6.28 and a 200-day simple moving average of $6.01. NioCorp Developments has a 1-year low of $1.59 and a 1-year high of $12.58.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NB. Alyeska Investment Group L.P. lifted its stake in shares of 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 worth $18,711,000 after purchasing an additional 1,123,863 shares during the period. Marshall Wace LLP lifted its position in NioCorp Developments by 623.5% during the third quarter. Marshall Wace LLP now owns 1,156,057 shares of the company’s stock worth $7,722,000 after buying an additional 996,267 shares during the period. Geode Capital Management LLC boosted its stake in NioCorp Developments by 2,376.5% in the 2nd quarter. Geode Capital Management LLC now owns 644,182 shares of the company’s stock worth $1,501,000 after buying an additional 618,170 shares during the last quarter. Millennium Management LLC grew its holdings in NioCorp Developments by 1,017.7% in the 3rd quarter. Millennium Management LLC now owns 575,592 shares of the company’s stock valued at $3,845,000 after buying an additional 524,094 shares during the period. Finally, Two Sigma Investments LP grew its holdings in NioCorp Developments by 670.7% in the 3rd quarter. Two Sigma Investments LP now owns 262,599 shares of the company’s stock valued at $1,754,000 after buying an additional 228,528 shares during the period. 4.03% of the stock is currently owned by institutional investors and hedge funds.

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.