NioCorp Developments (NASDAQ:NB) Trading 10.4% Higher – Time to Buy?

Shares of NioCorp Developments Ltd. (NASDAQ:NB) were up 10.4% on Tuesday . The stock traded as high as $4.77 and last traded at $4.7490. Approximately 638,184 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 4,598,179 shares. The stock had previously closed at $4.30.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NB. Zacks Research cut NioCorp Developments from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. B. Riley Financial started coverage on NioCorp Developments in a research report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 price target on the stock. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a research note on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a report on Tuesday, April 21st. Finally, Wall Street Zen downgraded shares of NioCorp Developments from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, NioCorp Developments presently has a consensus rating of “Hold” and a consensus target price of $10.23.

NioCorp Developments Stock Performance

The stock has a market cap of $691.55 million, a P/E ratio of -6.99 and a beta of 0.24. The company has a 50-day simple moving average of $5.24 and a 200-day simple moving average of $5.51.

NioCorp Developments (NASDAQ:NB) last announced its earnings results on Thursday, May 14th. The company reported ($0.02) EPS for the quarter, hitting the consensus estimate of ($0.02). As a group, sell-side analysts expect that NioCorp Developments Ltd. will post -0.48 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. Geode Capital Management LLC raised its stake in shares of NioCorp Developments by 2,376.5% in the second quarter. Geode Capital Management LLC now owns 644,182 shares of the company’s stock worth $1,501,000 after acquiring an additional 618,170 shares during the last quarter. Creative Planning bought a new stake in shares of NioCorp Developments during the second quarter valued at approximately $57,000. JPMorgan Chase & Co. grew its stake in shares of NioCorp Developments by 48,003.9% during the second quarter. JPMorgan Chase & Co. now owns 24,533 shares of the company’s stock valued at $57,000 after purchasing an additional 24,482 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of NioCorp Developments in the second quarter valued at approximately $75,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of NioCorp Developments in the second quarter valued at approximately $85,000. Institutional investors and hedge funds 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.