NioCorp Developments (NASDAQ:NB) Issues Earnings Results, Meets Expectations

NioCorp Developments (NASDAQ:NB) issued its earnings results on Thursday. The company reported ($0.02) EPS for the quarter, hitting the consensus estimate of ($0.02), Zacks reports.

NioCorp Developments Trading Down 1.5%

Shares of NB traded down $0.09 during trading hours on Thursday, reaching $5.86. 3,342,801 shares of the company’s stock traded hands, compared to its average volume of 4,700,405. NioCorp Developments has a 12 month low of $2.17 and a 12 month high of $12.58. The stock has a market cap of $836.40 million, a PE ratio of -7.23 and a beta of 0.23. The firm’s 50 day simple moving average is $5.25 and its 200-day simple moving average is $5.83.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. HC Wainwright cut their price objective on shares of NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a research report on Thursday, April 9th. Zacks Research raised shares of NioCorp Developments from a “hold” rating to a “strong-buy” rating in a report on Monday, April 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, NioCorp Developments presently has a consensus rating of “Moderate Buy” and an average target price of $7.90.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of NioCorp Developments during the 3rd quarter valued at about $60,000. Prairie Wealth Advisors Inc. bought a new position in NioCorp Developments during the 3rd quarter worth approximately $68,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in NioCorp Developments in the 2nd quarter worth approximately $66,000. NewEdge Advisors LLC purchased a new position in NioCorp Developments in the 2nd quarter worth approximately $60,000. Finally, Invesco Ltd. bought a new stake in NioCorp Developments in the second quarter valued at approximately $63,000. Institutional investors own 4.03% of the company’s stock.

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.