NioCorp Developments (NASDAQ:NB) Stock Price Down 6.2% – What’s Next?

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price dropped 6.2% during mid-day trading on Thursday . The stock traded as low as $6.38 and last traded at $6.3850. Approximately 3,124,835 shares changed hands during trading, a decline of 29% from the average daily volume of 4,376,184 shares. The stock had previously closed at $6.81.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Loop Capital set a $8.70 price target on NioCorp Developments in a report on Wednesday, January 7th. HC Wainwright boosted their price objective on shares of NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a report on Wednesday, October 8th. Finally, William Blair initiated coverage on shares of NioCorp Developments in a research note on Monday, October 20th. They set an “outperform” rating on the stock. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $8.32.

NioCorp Developments Stock Down 6.7%

The company has a market cap of $758.54 million, a P/E ratio of -7.71 and a beta of -0.14. The company has a 50 day moving average price of $5.99 and a 200-day moving average price of $5.56.

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

Institutional Investors Weigh In On NioCorp Developments

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NB. Private Management Group Inc. bought a new stake in shares of NioCorp Developments in the 2nd quarter worth approximately $4,890,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of NioCorp Developments during the 2nd quarter valued at $205,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of NioCorp Developments during the 2nd quarter worth $27,000. CreativeOne Wealth LLC grew its holdings in shares of NioCorp Developments by 228.9% in the 2nd quarter. CreativeOne Wealth LLC now owns 98,603 shares of the company’s stock worth $230,000 after acquiring an additional 68,620 shares during the last quarter. Finally, Harfst & Associates Inc. purchased a new stake in shares of NioCorp Developments during the third quarter valued at $700,000. Institutional investors own 4.03% of the company’s stock.

NioCorp Developments Company 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.