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

NioCorp Developments (NASDAQ:NB) released its quarterly earnings data on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03), Zacks reports.

NioCorp Developments Price Performance

NASDAQ NB traded up $0.20 on Friday, hitting $2.90. 2,241,655 shares of the stock were exchanged, compared to its average volume of 3,979,850. NioCorp Developments has a 52-week low of $2.59 and a 52-week high of $8.18. The company has a market capitalization of $422.96 million, a price-to-earnings ratio of -5.37 and a beta of 0.30. The company’s 50-day moving average price is $3.50 and its two-hundred day moving average price is $4.83.

Analyst Ratings Changes

A number of brokerages have issued reports on NB. Jefferies Financial Group initiated coverage on shares of NioCorp Developments in a report on Wednesday, September 2nd. They issued a “hold” rating and a $4.70 target price for the company. Wall Street Zen raised shares of NioCorp Developments from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 10th. Zacks Research upgraded NioCorp Developments from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 14th. Texas Capital upgraded shares of NioCorp Developments to a “strong-buy” rating in a report on Tuesday, October 20th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $8.85.

NioCorp Developments Company Profile

NioCorp Developments Ltd. is a mineral-development company focused on advancing the Elk Creek Critical Minerals Project in southeastern Nebraska. The proposed project is designed to produce niobium, scandium and titanium, along with potential rare earth products, from a carbonatite ore body. These minerals are used in applications such as high-strength steel, aerospace components, lightweight alloys, permanent magnets and other advanced technologies.

NioCorp is focused on permitting, project financing, engineering and development rather than operating a producing mine.