NioCorp Developments (NASDAQ:NB) Stock Price Down 7.8% – Here’s Why

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price fell 7.8% on Wednesday . The company traded as low as $5.99 and last traded at $6.0470. 4,417,042 shares were traded during mid-day trading, a decline of 7% from the average session volume of 4,762,001 shares. The stock had previously closed at $6.56.

Wall Street Analyst Weigh In

A number of brokerages have commented on NB. William Blair started coverage on shares of NioCorp Developments in a research report on Monday, October 20th. They set an “outperform” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Wednesday, October 8th. HC Wainwright increased their target price on shares of NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a report on Tuesday, January 13th. Finally, Loop Capital set a $8.70 price target on shares of NioCorp Developments in a research note on Wednesday, January 7th. Three 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.com, the stock has an average rating of “Moderate Buy” and an average target price of $8.32.

NioCorp Developments Stock Up 5.8%

The stock has a market cap of $919.07 million, a P/E ratio of -9.39 and a beta of -0.14. The firm’s fifty day moving average price is $6.11 and its 200-day moving average price is $5.76.

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

Institutional Trading of NioCorp Developments

Institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new position in NioCorp Developments during the 2nd quarter valued at about $27,000. KPP Advisory Services LLC purchased a new stake in NioCorp Developments in the 2nd quarter worth approximately $25,000. Bank of Montreal Can grew its position in shares of NioCorp Developments by 62.7% in the 2nd quarter. Bank of Montreal Can now owns 17,955 shares of the company’s stock worth $42,000 after buying an additional 6,920 shares during the last quarter. ProShare Advisors LLC purchased a new position in shares of NioCorp Developments during the second quarter valued at approximately $25,000. Finally, Geode Capital Management LLC raised its holdings in shares of NioCorp Developments by 2,376.5% during the second quarter. Geode Capital Management LLC now owns 644,182 shares of the company’s stock valued at $1,501,000 after acquiring an additional 618,170 shares in the last quarter. 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.