NioCorp Developments (NASDAQ:NB) Trading 11.3% Higher – Time to Buy?

NioCorp Developments Ltd. (NASDAQ:NB) was up 11.3% during trading on Tuesday . The stock traded as high as $6.80 and last traded at $6.8530. Approximately 917,931 shares changed hands during trading, a decline of 86% from the average daily volume of 6,459,726 shares. The stock had previously closed at $6.16.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. HC Wainwright increased their price objective on NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a report on Tuesday, January 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, January 22nd. Loop Capital set a $8.70 price objective on shares of NioCorp Developments in a research report on Wednesday, January 7th. 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 research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, NioCorp Developments has a consensus rating of “Moderate Buy” and a consensus target price of $8.32.

NioCorp Developments Stock Performance

The firm has a fifty day simple moving average of $6.24 and a 200-day simple moving average of $5.94. The firm has a market cap of $865.59 million, a price-to-earnings ratio of -8.58 and a beta of -0.14.

NioCorp Developments (NASDAQ:NB) last issued its quarterly earnings data on Thursday, September 11th. The company reported ($0.19) earnings per share for the quarter. Analysts expect that NioCorp Developments Ltd. will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NioCorp Developments

Several hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC acquired a new position in shares of NioCorp Developments in the second quarter valued at approximately $27,000. KPP Advisory Services LLC acquired a new stake in NioCorp Developments during the 2nd quarter worth approximately $25,000. Bank of Montreal Can boosted its stake in NioCorp Developments by 62.7% in the 2nd quarter. Bank of Montreal Can now owns 17,955 shares of the company’s stock valued at $42,000 after purchasing an additional 6,920 shares during the period. ProShare Advisors LLC bought a new stake in NioCorp Developments in the 2nd quarter valued at $25,000. Finally, Geode Capital Management LLC grew its holdings in NioCorp Developments by 2,376.5% in the 2nd quarter. Geode Capital Management LLC now owns 644,182 shares of the company’s stock valued at $1,501,000 after buying an additional 618,170 shares in the last quarter. 4.03% of the stock is currently owned by institutional investors and hedge funds.

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.