NioCorp Developments (NASDAQ:NB) Trading Down 6.5% – Should You Sell?

NioCorp Developments Ltd. (NASDAQ:NB) dropped 6.5% during mid-day trading on Monday . The company traded as low as $4.77 and last traded at $4.78. 1,987,405 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 4,439,616 shares. The stock had previously closed at $5.11.

Analyst Ratings Changes

NB has been the topic of a number of research analyst reports. Wall Street Zen lowered shares of NioCorp Developments from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. B. Riley Financial assumed coverage on NioCorp Developments in a research note on Tuesday, June 9th. They issued a “buy” rating and a $12.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research report on Friday, July 17th. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Finally, Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, NioCorp Developments currently has a consensus rating of “Hold” and a consensus price target of $10.23.

NioCorp Developments Trading Down 5.5%

The business’s 50-day simple moving average is $4.78 and its 200-day simple moving average is $5.25. The company has a market capitalization of $703.20 million, a PE ratio of -7.10 and a beta of 0.26.

NioCorp Developments (NASDAQ:NB) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). Sell-side analysts forecast that NioCorp Developments Ltd. will post -0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On NioCorp Developments

Several hedge funds have recently added to or reduced their stakes in NB. Blue Capital Inc. purchased a new stake in NioCorp Developments in the second quarter valued at $127,000. Bank of New York Mellon Corp acquired a new position in shares of NioCorp Developments in the 2nd quarter valued at about $1,988,000. Allen Capital Group LLC lifted its holdings in shares of NioCorp Developments by 15.8% in the 1st quarter. Allen Capital Group LLC now owns 19,718 shares of the company’s stock valued at $88,000 after buying an additional 2,690 shares during the period. Altshuler Shaham Ltd purchased a new stake in shares of NioCorp Developments in the first quarter worth about $61,000. Finally, Talon Private Wealth LLC purchased a new stake in shares of NioCorp Developments in the first quarter worth about $53,000. 4.03% of the stock is owned by hedge funds and other institutional investors.

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.