NioCorp Developments (NASDAQ:NB) Shares Gap Up – What’s Next?

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $7.28, but opened at $7.95. NioCorp Developments shares last traded at $7.6740, with a volume of 3,426,918 shares changing hands.

Analyst Ratings Changes

Several analysts recently commented on NB shares. HC Wainwright raised their price target on shares of NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday. William Blair initiated coverage on shares of NioCorp Developments in a research note on Monday, October 20th. They set an “outperform” rating for the company. Finally, Loop Capital set a $8.70 price target on shares of NioCorp Developments in a report on Wednesday, January 7th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.32.

NioCorp Developments Price Performance

The company’s 50 day simple moving average is $6.11 and its 200 day simple moving average is $5.78. The stock has a market cap of $919.07 million, a P/E ratio of -9.39 and a beta of -0.14.

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

Institutional Investors Weigh In On NioCorp Developments

Large investors have recently modified their holdings of the business. Greenberg Financial Group acquired a new stake in shares of NioCorp Developments during the fourth quarter worth about $187,000. Rathbones Group PLC increased its stake in NioCorp Developments by 22.7% during the 4th quarter. Rathbones Group PLC now owns 54,050 shares of the company’s stock worth $286,000 after purchasing an additional 10,000 shares in the last quarter. Foster Group Inc. acquired a new stake in NioCorp Developments during the 4th quarter worth approximately $169,000. SG Americas Securities LLC bought a new position in NioCorp Developments in the fourth quarter valued at approximately $85,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of NioCorp Developments by 17.5% in the third quarter. JPMorgan Chase & Co. now owns 28,831 shares of the company’s stock valued at $193,000 after buying an additional 4,298 shares during the period. 4.03% of the stock is currently owned by institutional investors.

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.