NioCorp Developments (NASDAQ:NB) Stock Price Down 8.1% – Here’s What Happened

NioCorp Developments Ltd. (NASDAQ:NB) fell 8.1% on Monday . The stock traded as low as $5.74 and last traded at $5.7550. 2,162,710 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 3,534,087 shares. The stock had previously closed at $6.26.

Analysts Set New Price Targets

A number of analysts recently issued reports on NB shares. William Blair began coverage on NioCorp Developments in a research note on Monday, October 20th. They set an “outperform” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Wednesday, October 8th. Finally, HC Wainwright upped their price target on NioCorp Developments from $4.00 to $8.25 and gave the company a “buy” rating in a research report on Monday, September 22nd. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, NioCorp Developments has an average rating of “Moderate Buy” and a consensus target price of $6.63.

NioCorp Developments Stock Up 1.3%

The company has a market cap of $724.52 million, a P/E ratio of -7.40 and a beta of -0.16. The business has a fifty day simple moving average of $7.23 and a two-hundred day simple moving average of $4.82.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. ProShare Advisors LLC bought a new stake in NioCorp Developments during the second quarter valued at about $25,000. KPP Advisory Services LLC bought a new stake in NioCorp Developments during the 2nd quarter valued at approximately $25,000. Wealth Enhancement Advisory Services LLC purchased a new position in NioCorp Developments in the 2nd quarter worth approximately $27,000. Police & Firemen s Retirement System of New Jersey purchased a new position in NioCorp Developments in the 2nd quarter worth approximately $30,000. Finally, Global Retirement Partners LLC bought a new position in NioCorp Developments in the 3rd quarter worth approximately $31,000. Hedge funds and other institutional investors own 4.03% of the company’s stock.

About NioCorp Developments

NioCorp Developments Ltd. engages in the exploration and development of mineral deposits in North America. It owns and develops the Elk Creek niobium/scandium/titanium project that owns one 226.43-acre parcel of land and associated mineral rights, and an additional 40 acres of mineral rights, as well as an optioned land package that covers an area of 1,396 acres located in Johnson County, southeast Nebraska.