NioCorp Developments (NASDAQ:NB) Shares Down 7.3% – What’s Next?

NioCorp Developments Ltd. (NASDAQ:NB)’s share price was down 7.3% on Monday . The stock traded as low as $4.35 and last traded at $4.3010. Approximately 569,634 shares changed hands during trading, a decline of 87% from the average session volume of 4,395,190 shares. The stock had previously closed at $4.64.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research report on Friday, July 17th. Wall Street Zen lowered NioCorp Developments from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. HC Wainwright reaffirmed a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. B. Riley Financial started coverage on NioCorp Developments in a report on Tuesday, June 9th. They set a “buy” rating and a $12.00 price target on the stock. Finally, Zacks Research cut NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $10.23.

NioCorp Developments Price Performance

The firm has a fifty day simple moving average of $4.68 and a two-hundred day simple moving average of $5.14. The firm has a market capitalization of $650.79 million, a P/E ratio of -6.57 and a beta of 0.26.

Institutional Investors Weigh In On NioCorp Developments

Several large investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. raised 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 valued at $18,711,000 after acquiring an additional 1,123,863 shares during the period. Deltroit Asset Management UK LLP bought a new position in NioCorp Developments during the fourth quarter worth about $5,677,000. Marshall Wace LLP boosted its position in NioCorp Developments by 623.5% during the third quarter. Marshall Wace LLP now owns 1,156,057 shares of the company’s stock worth $7,722,000 after purchasing an additional 996,267 shares during the period. Nuveen LLC increased its stake in shares of NioCorp Developments by 785.0% in the fourth quarter. Nuveen LLC now owns 879,032 shares of the company’s stock worth $4,659,000 after purchasing an additional 779,709 shares in the last quarter. Finally, State Street Corp increased its stake in shares of NioCorp Developments by 67.9% in the fourth quarter. State Street Corp now owns 1,768,356 shares of the company’s stock worth $9,372,000 after purchasing an additional 715,288 shares in 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.