NioCorp Developments (NASDAQ:NB) Shares Down 6.4% – Here’s What Happened

NioCorp Developments Ltd. (NASDAQ:NB)’s share price fell 6.4% on Tuesday . The stock traded as low as $4.58 and last traded at $4.6250. 582,131 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 5,152,617 shares. The stock had previously closed at $4.94.

Wall Street Analyst Weigh In

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

NioCorp Developments Stock Down 7.0%

The stock has a fifty day moving average of $5.36 and a 200-day moving average of $6.27. The stock has a market cap of $655.84 million, a PE ratio of -5.68 and a beta of -0.03.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Friday, February 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.83. Equities research analysts forecast that NioCorp Developments Ltd. will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NioCorp Developments

Hedge funds and other institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC acquired a new stake in shares of NioCorp Developments during the 3rd quarter valued at approximately $31,000. Russell Investments Group Ltd. acquired a new position in shares of NioCorp Developments during the 3rd quarter worth approximately $40,000. Jones Financial Companies Lllp raised its position in shares of NioCorp Developments by 131.9% during the 3rd quarter. Jones Financial Companies Lllp now owns 7,183 shares of the company’s stock worth $49,000 after purchasing an additional 4,085 shares during the last quarter. Legal & General Group Plc raised its position in shares of 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. Finally, Pittenger & Anderson Inc. raised its position in shares of NioCorp Developments by 74.6% during the 4th quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company’s stock worth $41,000 after purchasing an additional 3,275 shares during the last quarter. 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.