NioCorp Developments (NASDAQ:NB) Posts Quarterly Earnings Results

NioCorp Developments (NASDAQ:NB) issued its earnings results on Thursday. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02), Zacks reports.

NioCorp Developments Stock Performance

NASDAQ NB traded down $0.40 on Friday, reaching $5.46. The company had a trading volume of 4,039,881 shares, compared to its average volume of 4,561,928. The firm has a market capitalization of $779.31 million, a price-to-earnings ratio of -8.03 and a beta of 0.23. NioCorp Developments has a 1-year low of $2.17 and a 1-year high of $12.58. The company’s fifty day moving average is $5.25 and its 200-day moving average is $5.83.

Hedge Funds Weigh In On NioCorp Developments

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NB. Russell Investments Group Ltd. acquired a new position in NioCorp Developments in the 3rd quarter worth $40,000. The Manufacturers Life Insurance Company acquired a new position in NioCorp Developments in the 2nd quarter worth $46,000. Legal & General Group Plc boosted its stake in NioCorp Developments by 31.6% in 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 during the period. Aptus Capital Advisors LLC bought a new stake in NioCorp Developments during the 4th quarter worth about $53,000. Finally, State of Wisconsin Investment Board bought a new stake in NioCorp Developments during the 4th quarter worth about $56,000. 4.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on NB. Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Tuesday, April 21st. HC Wainwright decreased their price target on shares of NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Finally, Zacks Research raised shares of NioCorp Developments from a “hold” rating to a “strong-buy” rating in a report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, NioCorp Developments has an average rating of “Moderate Buy” and a consensus price target of $7.90.

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.