NioCorp Developments (NASDAQ:NB) Shares Up 12% – Should You Buy?

NioCorp Developments Ltd. (NASDAQ:NB)’s share price rose 12% on Friday . The stock traded as high as $5.80 and last traded at $5.9360. Approximately 2,176,342 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 3,528,941 shares. The stock had previously closed at $5.30.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research note on Wednesday, October 8th. HC Wainwright raised their target price on NioCorp Developments from $8.25 to $9.50 and gave the company a “buy” rating in a report on Monday, December 8th. Finally, William Blair assumed coverage on shares of NioCorp Developments in a research note on Monday, October 20th. They set an “outperform” rating on the stock. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.25.

NioCorp Developments Stock Up 12.3%

The business’s fifty day moving average price is $6.08 and its 200 day moving average price is $5.34. The firm has a market capitalization of $710.19 million, a PE ratio of -7.26 and a beta of -0.14.

NioCorp Developments (NASDAQ:NB) last released its earnings results on Thursday, September 11th. The company reported ($0.19) EPS for the quarter. As a group, sell-side analysts forecast that NioCorp Developments Ltd. will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NioCorp Developments

A number of institutional investors have recently bought and sold shares of NB. ProShare Advisors LLC acquired a new position in shares of NioCorp Developments during the second quarter worth about $25,000. KPP Advisory Services LLC purchased a new position in NioCorp Developments in the 2nd quarter worth approximately $25,000. Wealth Enhancement Advisory Services LLC acquired a new stake in NioCorp Developments in the second quarter valued at approximately $27,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of NioCorp Developments during the second quarter valued at approximately $30,000. Finally, Global Retirement Partners LLC acquired a new position in shares of NioCorp Developments during the third quarter worth $31,000. 4.03% of the stock is currently 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.