HITE Hedge Asset Management LLC Acquires Shares of 1,462,607 NioCorp Developments Ltd. $NB

HITE Hedge Asset Management LLC acquired a new position in shares of NioCorp Developments Ltd. (NASDAQ:NB) during the 3rd quarter, Holdings Channel reports. The firm acquired 1,462,607 shares of the company’s stock, valued at approximately $9,770,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. ProShare Advisors LLC bought a new stake in shares of NioCorp Developments in the second quarter valued at about $25,000. Police & Firemen s Retirement System of New Jersey bought a new position in NioCorp Developments during the second quarter worth about $30,000. Global Retirement Partners LLC bought a new position in NioCorp Developments during the third quarter worth about $31,000. Blue Capital Inc. acquired a new stake in NioCorp Developments in the 2nd quarter worth about $36,000. Finally, Russell Investments Group Ltd. acquired a new stake in NioCorp Developments in the 3rd quarter worth about $40,000. Institutional investors and hedge funds own 4.03% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on NB shares. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, January 22nd. Loop Capital set a $8.70 price target on shares of NioCorp Developments in a research report on Wednesday, January 7th. HC Wainwright boosted their price target on NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Finally, Zacks Research raised NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. One investment 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. According to data from MarketBeat, NioCorp Developments has an average rating of “Moderate Buy” and an average target price of $8.32.

NioCorp Developments Stock Down 4.4%

NB opened at $4.79 on Friday. NioCorp Developments Ltd. has a twelve month low of $1.66 and a twelve month high of $12.58. The company has a 50-day simple moving average of $6.04 and a 200 day simple moving average of $6.26. The stock has a market capitalization of $683.68 million, a price-to-earnings ratio of -5.91 and a beta of -0.12.

NioCorp Developments (NASDAQ:NB) last released its earnings results on Friday, February 6th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.88) by $0.84. Sell-side analysts anticipate that NioCorp Developments Ltd. will post -0.34 EPS for the current fiscal year.

NioCorp Developments 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.