NioCorp Developments (NASDAQ:NB) Trading 8.4% Higher – What’s Next?

NioCorp Developments Ltd. (NASDAQ:NB)’s share price traded up 8.4% on Monday . The stock traded as high as $5.05 and last traded at $5.2250. 998,584 shares were traded during trading, a decline of 80% from the average session volume of 5,056,822 shares. The stock had previously closed at $4.82.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Zacks Research cut shares of NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday, January 22nd. HC Wainwright decreased their price objective on shares of NioCorp Developments from $11.25 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, April 9th. Finally, Loop Capital set a $8.70 price objective on shares of NioCorp Developments in a research note on Wednesday, January 7th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $7.90.

NioCorp Developments Price Performance

The company’s 50 day moving average price is $5.14 and its 200 day moving average price is $6.21. The firm has a market capitalization of $712.22 million, a P/E ratio of -6.16 and a beta of -0.03.

NioCorp Developments (NASDAQ:NB) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.88) by $0.83. On average, research analysts anticipate that NioCorp Developments Ltd. will post -0.34 EPS for the current fiscal year.

Institutional Trading of NioCorp Developments

Hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC bought a new stake in shares of NioCorp Developments during the third quarter valued at approximately $31,000. Russell Investments Group Ltd. bought a new stake in shares of NioCorp Developments during the third quarter valued at approximately $40,000. Pittenger & Anderson Inc. grew its stake in shares of NioCorp Developments by 74.6% during the fourth quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company’s stock valued at $41,000 after purchasing an additional 3,275 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in NioCorp Developments in the second quarter valued at approximately $46,000. Finally, Jones Financial Companies Lllp lifted its holdings in NioCorp Developments by 131.9% in the third quarter. Jones Financial Companies Lllp now owns 7,183 shares of the company’s stock valued at $49,000 after buying an additional 4,085 shares during the period. 4.03% of the stock is owned by 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.