NioCorp Developments (NASDAQ:NB) Trading 7.8% Higher – Here’s Why

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price shot up 7.8% during mid-day trading on Tuesday . The stock traded as high as $4.84 and last traded at $4.9280. Approximately 791,348 shares traded hands during trading, a decline of 83% from the average session volume of 4,696,049 shares. The stock had previously closed at $4.57.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NB shares. HC Wainwright cut their target price on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, April 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research note on Tuesday, April 21st. Wall Street Zen upgraded NioCorp Developments from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. Zacks Research downgraded NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Finally, B. Riley Financial began coverage on NioCorp Developments in a research note on Tuesday, June 9th. They issued a “buy” rating and a $12.00 target price on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $8.93.

NioCorp Developments Stock Performance

The firm has a market capitalization of $701.73 million, a P/E ratio of -7.09 and a beta of 0.25. The stock’s 50 day simple moving average is $5.50 and its 200 day simple moving average is $5.59.

NioCorp Developments (NASDAQ:NB) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). On average, analysts anticipate that NioCorp Developments Ltd. will post -0.48 earnings per share for the current year.

Institutional Investors Weigh In On NioCorp Developments

Institutional investors and hedge funds have recently bought and sold shares of the company. Sound Income Strategies LLC bought a new position in shares of NioCorp Developments during the 1st quarter worth $25,000. Russell Investments Group Ltd. bought a new stake in shares of NioCorp Developments in the third quarter valued at about $40,000. Pittenger & Anderson Inc. raised its holdings in shares of NioCorp Developments by 74.6% in the fourth 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. Maltin Wealth Management Inc. bought a new stake in shares of NioCorp Developments in the first quarter valued at about $45,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in NioCorp Developments in the second quarter worth about $46,000. 4.03% of the stock is 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.