NioCorp Developments (NASDAQ:NB) Shares Down 11.1% – What’s Next?

NioCorp Developments Ltd. (NASDAQ:NB) traded down 11.1% during mid-day trading on Thursday . The company traded as low as $4.25 and last traded at $4.2650. 1,737,347 shares traded hands during trading, a decline of 68% from the average session volume of 5,498,114 shares. The stock had previously closed at $4.80.

Analyst Ratings Changes

Several analysts recently commented on NB shares. HC Wainwright raised their price target on shares of NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Loop Capital set a $8.70 target price on shares of NioCorp Developments in a research note on Wednesday, January 7th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, January 22nd. Finally, Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 13th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, NioCorp Developments currently has a consensus rating of “Hold” and an average target price of $8.32.

NioCorp Developments Stock Up 0.2%

The firm has a market cap of $632.29 million, a price-to-earnings ratio of -5.47 and a beta of -0.12. The company’s 50-day moving average price is $5.85 and its 200-day moving average price is $6.27.

NioCorp Developments (NASDAQ:NB) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.88) by $0.84. Analysts predict that NioCorp Developments Ltd. will post -0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

Several hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC raised its stake in NioCorp Developments by 15.4% in the 3rd quarter. CWM LLC now owns 8,912 shares of the company’s stock valued at $60,000 after purchasing an additional 1,188 shares during the last quarter. Legal & General Group Plc boosted its stake in NioCorp Developments by 31.6% during the 3rd quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock worth $51,000 after purchasing an additional 1,822 shares during the last quarter. Royal Bank of Canada boosted its stake in NioCorp Developments by 24.9% during the 4th quarter. Royal Bank of Canada now owns 11,272 shares of the company’s stock worth $61,000 after purchasing an additional 2,244 shares during the last quarter. Pittenger & Anderson Inc. grew its holdings in shares of NioCorp Developments by 74.6% during the fourth quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company’s stock worth $41,000 after buying an additional 3,275 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of NioCorp Developments by 11.6% during the fourth quarter. NewEdge Advisors LLC now owns 37,873 shares of the company’s stock worth $201,000 after buying an additional 3,942 shares in the last quarter. Hedge funds and other 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.