NioCorp Developments (NASDAQ:NB) Shares Down 5.4% – Should You Sell?

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price fell 5.4% during mid-day trading on Friday . The stock traded as low as $5.80 and last traded at $5.7690. 321,470 shares were traded during trading, a decline of 91% from the average session volume of 3,537,757 shares. The stock had previously closed at $6.10.

Analyst Ratings Changes

A number of research analysts have recently weighed in on NB shares. HC Wainwright lifted their price objective on NioCorp Developments from $8.25 to $9.50 and gave the company a “buy” rating in a research report on Monday, December 8th. William Blair started coverage on shares of NioCorp Developments in a research note on Monday, October 20th. They set an “outperform” rating on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $7.25.

NioCorp Developments Trading Down 6.7%

The firm has a 50 day moving average of $6.39 and a 200-day moving average of $5.25. The company has a market cap of $679.16 million, a P/E ratio of -6.94 and a beta of -0.16.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Thursday, September 11th. The company reported ($0.19) earnings per share (EPS) for the quarter. Equities analysts predict that NioCorp Developments Ltd. will post -0.34 EPS for the current fiscal year.

Institutional Trading of NioCorp Developments

Hedge funds have recently bought and sold shares of the stock. Private Management Group Inc. purchased a new position in shares of NioCorp Developments during the second quarter valued at about $4,890,000. HITE Hedge Asset Management LLC bought a new position in NioCorp Developments during the third quarter valued at approximately $9,770,000. Brevan Howard Capital Management LP bought a new position in NioCorp Developments during the third quarter valued at approximately $9,690,000. Armistice Capital LLC purchased a new position in NioCorp Developments during the 1st quarter valued at approximately $2,573,000. Finally, Alyeska Investment Group L.P. increased its stake in NioCorp Developments by 67.0% in the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock worth $18,711,000 after acquiring an additional 1,123,863 shares during the last quarter. Hedge funds and other 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.