Brevan Howard Capital Management LP Acquires New Stake in NioCorp Developments Ltd. $NB

Brevan Howard Capital Management LP bought a new position in NioCorp Developments Ltd. (NASDAQ:NB) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,450,542 shares of the company’s stock, valued at approximately $9,690,000. Brevan Howard Capital Management LP owned about 1.87% of NioCorp Developments at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Cinctive Capital Management LP purchased a new position in shares of NioCorp Developments during the 3rd quarter valued at $143,000. Bank of America Corp DE increased its holdings in NioCorp Developments by 82.3% in the 3rd quarter. Bank of America Corp DE now owns 36,549 shares of the company’s stock worth $244,000 after acquiring an additional 16,496 shares during the last quarter. Creative Planning raised its stake in NioCorp Developments by 28.4% in the 3rd quarter. Creative Planning now owns 31,306 shares of the company’s stock valued at $209,000 after acquiring an additional 6,924 shares during the period. Prairie Wealth Advisors Inc. purchased a new stake in NioCorp Developments during the third quarter valued at about $68,000. Finally, Raymond James Financial Inc. boosted its position in NioCorp Developments by 52.6% during the third quarter. Raymond James Financial Inc. now owns 142,991 shares of the company’s stock worth $955,000 after purchasing an additional 49,279 shares during the period. 4.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Zacks Research upgraded shares of NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a report on Thursday, January 22nd. HC Wainwright increased their target price on NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Finally, Loop Capital set a $8.70 price target on NioCorp Developments in a report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, NioCorp Developments has an average rating of “Moderate Buy” and an average target price of $8.32.

NioCorp Developments Trading Down 1.3%

Shares of NioCorp Developments stock opened at $4.73 on Friday. The company’s 50-day moving average price is $6.02 and its 200-day moving average price is $6.28. NioCorp Developments Ltd. has a 12-month low of $1.67 and a 12-month high of $12.58. The company has a market cap of $675.11 million, a price-to-earnings ratio of -5.84 and a beta of -0.12.

NioCorp Developments (NASDAQ:NB) last issued its quarterly earnings data on Friday, February 6th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.88) by $0.84. On average, sell-side analysts predict that NioCorp Developments Ltd. will post -0.34 earnings per share for the current year.

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.