NioCorp Developments Ltd. (NASDAQ:NB) Short Interest Update

NioCorp Developments Ltd. (NASDAQ:NB) was the target of a large growth in short interest in December. As of December 31st, there was short interest totaling 8,876,407 shares, a growth of 29.1% from the December 15th total of 6,874,732 shares. Based on an average daily volume of 3,311,327 shares, the days-to-cover ratio is presently 2.7 days. Currently, 9.2% of the shares of the stock are sold short. Currently, 9.2% of the shares of the stock are sold short. Based on an average daily volume of 3,311,327 shares, the days-to-cover ratio is presently 2.7 days.

NioCorp Developments Stock Up 3.9%

Shares of NASDAQ NB traded up $0.25 during midday trading on Friday, reaching $6.61. The company had a trading volume of 4,247,099 shares, compared to its average volume of 3,778,283. The stock has a market cap of $788.98 million, a PE ratio of -8.06 and a beta of -0.14. NioCorp Developments has a one year low of $1.52 and a one year high of $12.58. The firm’s fifty day moving average price is $6.01 and its 200-day moving average price is $5.62.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings results on Thursday, September 11th. The company reported ($0.19) EPS for the quarter. As a group, equities research analysts expect that NioCorp Developments will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NB. William Blair assumed coverage on NioCorp Developments in a research report on Monday, October 20th. They issued 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. Loop Capital set a $8.70 price objective on shares of NioCorp Developments in a research report on Wednesday, January 7th. Finally, HC Wainwright raised their target price on shares of NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $8.32.

Institutional Trading of NioCorp Developments

Several large investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC purchased a new position in NioCorp Developments during the 2nd quarter valued at about $27,000. KPP Advisory Services LLC bought a new position in shares of NioCorp Developments during the second quarter valued at approximately $25,000. Bank of Montreal Can lifted its stake in NioCorp Developments by 62.7% in the second quarter. Bank of Montreal Can now owns 17,955 shares of the company’s stock worth $42,000 after acquiring an additional 6,920 shares during the period. ProShare Advisors LLC bought a new stake in NioCorp Developments in the second quarter valued at $25,000. Finally, Geode Capital Management LLC boosted its holdings in NioCorp Developments by 2,376.5% in the second quarter. Geode Capital Management LLC now owns 644,182 shares of the company’s stock valued at $1,501,000 after acquiring an additional 618,170 shares in the last quarter. 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.