NioCorp Developments Ltd. (NASDAQ:NB) Sees Large Increase in Short Interest

NioCorp Developments Ltd. (NASDAQ:NB) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 8,876,407 shares, a growth of 29.1% from the December 15th total of 6,874,732 shares. Currently, 9.2% of the shares of the company are short sold. Based on an average daily trading volume, of 3,311,327 shares, the days-to-cover ratio is presently 2.7 days. Based on an average daily trading volume, of 3,311,327 shares, the days-to-cover ratio is presently 2.7 days. Currently, 9.2% of the shares of the company are short sold.

Analysts Set New Price Targets

Several research analysts have recently weighed in on NB shares. William Blair began coverage on shares of NioCorp Developments in a research note on Monday, October 20th. They set an “outperform” rating on the stock. HC Wainwright lifted their target price on NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Wednesday, October 8th. Finally, Loop Capital set a $8.70 price objective on NioCorp Developments in a research note on Wednesday, January 7th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $8.32.

Institutional Trading of NioCorp Developments

Several institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC increased its stake in NioCorp Developments by 15.4% in the third quarter. CWM LLC now owns 8,912 shares of the company’s stock valued at $60,000 after purchasing an additional 1,188 shares during the period. Legal & General Group Plc raised its stake in shares of NioCorp Developments by 31.6% during the third 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 last quarter. Jones Financial Companies Lllp grew its position in NioCorp Developments by 131.9% in the 3rd quarter. Jones Financial Companies Lllp now owns 7,183 shares of the company’s stock valued at $49,000 after buying an additional 4,085 shares during the last quarter. JPMorgan Chase & Co. raised its position in NioCorp Developments by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,831 shares of the company’s stock worth $193,000 after buying an additional 4,298 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in shares of NioCorp Developments in the 3rd quarter worth $31,000. Hedge funds and other institutional investors own 4.03% of the company’s stock.

NioCorp Developments Trading Up 3.9%

NB traded up $0.25 on Monday, hitting $6.61. The company had a trading volume of 4,247,099 shares, compared to its average volume of 3,778,283. The company’s fifty day moving average price is $6.01 and its 200 day moving average price is $5.65. NioCorp Developments has a 1 year low of $1.52 and a 1 year high of $12.58. The firm has a market cap of $788.97 million, a P/E ratio of -8.06 and a beta of -0.14.

NioCorp Developments (NASDAQ:NB) last posted its quarterly earnings data on Thursday, September 11th. The company reported ($0.19) earnings per share for the quarter. On average, analysts predict that NioCorp Developments will post -0.34 earnings per share for the current year.

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.