NioCorp Developments (NASDAQ:NB) Stock Price Down 11.1% – Time to Sell?

NioCorp Developments Ltd. (NASDAQ:NB) shares traded down 11.1% on Thursday . The company traded as low as $4.25 and last traded at $4.2650. 1,737,347 shares were traded during mid-day trading, a decline of 68% from the average session volume of 5,498,114 shares. The stock had previously closed at $4.80.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on NB shares. Loop Capital set a $8.70 target price on shares of NioCorp Developments in a research note on Wednesday, January 7th. HC Wainwright lifted their price objective on NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a report on Tuesday, January 13th. Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, January 22nd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $8.32.

NioCorp Developments Stock Down 10.3%

The business’s 50 day simple moving average is $5.93 and its 200-day simple moving average is $6.28. The stock has a market capitalization of $614.45 million, a price-to-earnings ratio of -5.31 and a beta of -0.12.

NioCorp Developments (NASDAQ:NB) last issued its quarterly earnings data on Friday, February 6th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.84. On average, analysts expect that NioCorp Developments Ltd. will post -0.34 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC bought a new stake in NioCorp Developments in the 3rd quarter worth about $31,000. Russell Investments Group Ltd. bought a new stake in shares of NioCorp Developments in the third quarter valued at approximately $40,000. Jones Financial Companies Lllp lifted its position in shares of NioCorp Developments by 131.9% during the third quarter. Jones Financial Companies Lllp now owns 7,183 shares of the company’s stock worth $49,000 after acquiring an additional 4,085 shares in the last quarter. Legal & General Group Plc lifted its holdings in NioCorp Developments by 31.6% during the 3rd quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock worth $51,000 after purchasing an additional 1,822 shares in the last quarter. Finally, Pittenger & Anderson Inc. boosted its position 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 during the period. 4.03% of the stock is currently owned by institutional investors and hedge funds.

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.