NioCorp Developments (NASDAQ:NB) Issues Quarterly Earnings Results, Hits Expectations

NioCorp Developments (NASDAQ:NB) released its quarterly earnings results on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03), Zacks reports.

NioCorp Developments Stock Up 7.4%

NASDAQ NB traded up $0.20 during trading on Friday, reaching $2.90. 2,241,655 shares of the stock traded hands, compared to its average volume of 3,979,850. NioCorp Developments has a fifty-two week low of $2.59 and a fifty-two week high of $8.18. The firm has a market cap of $422.96 million, a price-to-earnings ratio of -5.37 and a beta of 0.30. The stock’s 50-day moving average price is $3.50 and its 200 day moving average price is $4.83.

Analysts Set New Price Targets

NB has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, October 15th. Jefferies Financial Group initiated coverage on NioCorp Developments in a report on Wednesday, September 2nd. They issued a “hold” rating and a $4.70 price target for the company. Zacks Research raised shares of NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 14th. Wall Street Zen upgraded NioCorp Developments from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 10th. Finally, Texas Capital upgraded shares of NioCorp Developments to a “strong-buy” rating in a research report on Tuesday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, NioCorp Developments presently has an average rating of “Moderate Buy” and a consensus target price of $8.85.

NioCorp Developments Company Profile

NioCorp Developments Ltd. is a mineral-development company focused on advancing the Elk Creek Critical Minerals Project in southeastern Nebraska. The proposed project is designed to produce niobium, scandium and titanium, along with potential rare earth products, from a carbonatite ore body. These minerals are used in applications such as high-strength steel, aerospace components, lightweight alloys, permanent magnets and other advanced technologies.

NioCorp is focused on permitting, project financing, engineering and development rather than operating a producing mine.