HITE Hedge Asset Management LLC Sells 827,701 Shares of NioCorp Developments Ltd. $NB

HITE Hedge Asset Management LLC decreased its stake in NioCorp Developments Ltd. (NASDAQ:NB) by 56.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 634,906 shares of the company’s stock after selling 827,701 shares during the period. HITE Hedge Asset Management LLC’s holdings in NioCorp Developments were worth $3,365,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Legal & General Group Plc grew its holdings in shares of NioCorp Developments by 31.6% in the 3rd quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock valued at $51,000 after acquiring an additional 1,822 shares in the last quarter. CWM LLC grew its holdings in shares of NioCorp Developments by 24.9% in the 4th quarter. CWM LLC now owns 11,127 shares of the company’s stock valued at $59,000 after acquiring an additional 2,215 shares in the last quarter. Pittenger & Anderson Inc. grew its holdings in shares of NioCorp Developments by 74.6% in the 4th quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company’s stock valued at $41,000 after acquiring an additional 3,275 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of NioCorp Developments by 131.9% in the 3rd quarter. Jones Financial Companies Lllp now owns 7,183 shares of the company’s stock valued at $49,000 after acquiring an additional 4,085 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of NioCorp Developments by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,831 shares of the company’s stock valued at $193,000 after acquiring an additional 4,298 shares in the last quarter. Institutional investors own 4.03% of the company’s stock.

Analyst Ratings Changes

NB has been the subject of several analyst reports. HC Wainwright decreased their price objective on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Zacks Research cut NioCorp Developments from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of NioCorp Developments from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, B. Riley Financial assumed coverage on shares of NioCorp Developments in a research note on Tuesday. They issued a “buy” rating and a $12.00 target price for the company. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $8.93.

NioCorp Developments Stock Performance

Shares of NASDAQ:NB opened at $5.40 on Friday. NioCorp Developments Ltd. has a 52-week low of $2.17 and a 52-week high of $12.58. The company has a market capitalization of $786.19 million, a P/E ratio of -7.94 and a beta of 0.21. The company has a 50-day simple moving average of $5.57 and a 200 day simple moving average of $5.71.

NioCorp Developments (NASDAQ:NB) last issued its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). As a group, equities analysts forecast that NioCorp Developments Ltd. will post -0.48 earnings per share for the current 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.