NioCorp Developments (NASDAQ:NB) Shares Gap Up After Analyst Upgrade

NioCorp Developments Ltd. (NASDAQ:NB) gapped up before the market opened on Tuesday after HC Wainwright raised their price target on the stock from $9.50 to $11.25. The stock had previously closed at $6.90, but opened at $7.23. HC Wainwright currently has a buy rating on the stock. NioCorp Developments shares last traded at $6.66, with a volume of 2,156,840 shares.

Several other research firms also recently weighed in on NB. Loop Capital set a $8.70 price objective on NioCorp Developments in a research note on Wednesday, January 7th. William Blair began coverage on shares of NioCorp Developments in a report on Monday, October 20th. They set an “outperform” rating for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $8.32.

Hedge Funds Weigh In On NioCorp Developments

Several hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC acquired a new stake in NioCorp Developments during the 2nd quarter worth approximately $25,000. KPP Advisory Services LLC acquired a new stake in shares of NioCorp Developments in the second quarter worth $25,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of NioCorp Developments in the 2nd quarter valued at $27,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of NioCorp Developments during the 2nd quarter valued at $30,000. Finally, Global Retirement Partners LLC acquired a new position in shares of NioCorp Developments during the third quarter worth about $31,000. 4.03% of the stock is owned by institutional investors and hedge funds.

NioCorp Developments Stock Down 3.3%

The company has a market cap of $796.73 million, a price-to-earnings ratio of -8.17 and a beta of -0.14. The stock has a 50 day simple moving average of $5.97 and a 200 day simple moving average of $5.53.

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

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.