NioCorp Developments (NASDAQ:NB) Shares Down 7.3% - Time to Sell?

Key Points

• NioCorp Developments shares fell 7.3% to about $4.30, with trading volume significantly below the stock’s average session volume.
• Analyst sentiment is mixed: three analysts rate the stock Buy, one rates it Hold and one rates it Sell. The consensus rating is Hold, with an average price target of $10.23.
• The company is developing the Elk Creek Critical Minerals Project in Nebraska, targeting production of niobium, scandium and titanium products for industrial, aerospace and clean-energy applications; institutional investors own only 4.03% of its shares.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) traded down 7.3% during trading on Monday . The stock traded as low as $4.35 and last traded at $4.3010. Approximately 569,634 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 4,395,190 shares. The stock had previously closed at $4.64.

Analyst Ratings Changes

Several research analysts have recently issued reports on NB shares. Weiss Ratings reissued a "sell (d-)" rating on shares of NioCorp Developments in a research note on Friday, July 17th. Zacks Research downgraded shares of NioCorp Developments from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. B. Riley Financial began coverage on shares of NioCorp Developments in a research report on Tuesday, June 9th. They issued a "buy" rating and a $12.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. Finally, Wall Street Zen cut shares of NioCorp Developments from a "hold" rating to a "sell" rating in a report on Saturday, July 4th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, NioCorp Developments currently has a consensus rating of "Hold" and an average target price of $10.23.

NioCorp Developments Trading Down 7.1%

The company has a market capitalization of $627.33 million, a price-to-earnings ratio of -6.34 and a beta of 0.26. The firm's 50-day moving average price is $4.72 and its 200 day moving average price is $5.18.

Hedge Funds Weigh In On NioCorp Developments

A number of institutional investors and hedge funds have recently made changes to their positions in NB. Sound Income Strategies LLC acquired a new position in NioCorp Developments during the 1st quarter valued at about $25,000. Russell Investments Group Ltd. purchased a new stake in shares of NioCorp Developments during the third quarter valued at approximately $40,000. Pittenger & Anderson Inc. lifted its holdings in NioCorp Developments by 74.6% during the fourth quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company's stock worth $41,000 after acquiring an additional 3,275 shares during the period. Maltin Wealth Management Inc. bought a new position in NioCorp Developments in the 1st quarter valued at $45,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of NioCorp Developments during the 2nd quarter worth $46,000. Institutional investors own 4.03% of the company's stock.

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.

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