NioCorp Developments (NASDAQ:NB) Shares Up 15% – Time to Buy?

Shares of NioCorp Developments Ltd. (NASDAQ:NB) rose 15% during trading on Tuesday . The stock traded as high as $5.06 and last traded at $5.1290. 2,686,577 shares were traded during mid-day trading, a decline of 39% from the average session volume of 4,406,927 shares. The stock had previously closed at $4.46.

Analyst Upgrades and Downgrades

NB has been the subject of a number of research analyst reports. Wall Street Zen lowered NioCorp Developments from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. B. Riley Financial assumed coverage on NioCorp Developments in a research note on Tuesday, June 9th. They set a “buy” rating and a $12.00 price target for the company. HC Wainwright restated a “buy” rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Friday, July 17th. Finally, Zacks Research cut NioCorp Developments from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $10.23.

NioCorp Developments Trading Up 1.1%

The business’s 50 day simple moving average is $4.86 and its 200 day simple moving average is $5.33. The firm has a market capitalization of $738.85 million, a PE ratio of -7.45 and a beta of 0.26.

NioCorp Developments (NASDAQ:NB) last announced its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). Analysts forecast that NioCorp Developments Ltd. will post -0.46 earnings per share for the current year.

Hedge Funds Weigh In On NioCorp Developments

Large investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. lifted its stake in NioCorp Developments by 67.0% in the third quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock worth $18,711,000 after purchasing an additional 1,123,863 shares during the last quarter. Deltroit Asset Management UK LLP purchased a new stake in shares of NioCorp Developments in the fourth quarter worth approximately $5,677,000. Marshall Wace LLP raised its holdings in shares of NioCorp Developments by 623.5% in the third quarter. Marshall Wace LLP now owns 1,156,057 shares of the company’s stock worth $7,722,000 after buying an additional 996,267 shares during the period. Nuveen LLC lifted its stake in shares of NioCorp Developments by 785.0% during the 4th quarter. Nuveen LLC now owns 879,032 shares of the company’s stock worth $4,659,000 after acquiring an additional 779,709 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of NioCorp Developments by 67.9% during the 4th quarter. State Street Corp now owns 1,768,356 shares of the company’s stock worth $9,372,000 after acquiring an additional 715,288 shares during the last quarter. 4.03% of the stock is owned by hedge funds and other institutional investors.

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.