NioCorp Developments (NASDAQ:NB) Shares Down 8.2% - Here's What Happened

Key Points

• NioCorp Developments Ltd. shares fell by 8.2% to close at $6.71, with trading volume significantly higher than average at over 5 million shares.
• Analysts from HC Wainwright and Maxim Group raised their price targets, with a consensus rating of "Buy" and an average target of $6.63.
• The company reported a quarterly loss of ($0.16) earnings per share and has set its FY 2025 guidance at -0.350 EPS.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) traded down 8.2% on Friday . The company traded as low as $6.61 and last traded at $6.71. 5,256,107 shares traded hands during trading, an increase of 166% from the average session volume of 1,976,005 shares. The stock had previously closed at $7.31.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. HC Wainwright raised their price target on NioCorp Developments from $4.00 to $8.25 and gave the company a "buy" rating in a research report on Monday. Maxim Group raised their target price on NioCorp Developments from $4.00 to $5.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, NioCorp Developments currently has a consensus rating of "Buy" and an average price target of $6.63.

NioCorp Developments Stock Performance

The business has a 50-day moving average price of $4.38 and a 200 day moving average price of $3.12. The stock has a market capitalization of $536.47 million, a P/E ratio of -20.15 and a beta of -0.29.

NioCorp Developments (NASDAQ:NB - Get Free Report) last announced its quarterly earnings data on Friday, July 11th. The company reported ($0.16) earnings per share for the quarter. NioCorp Developments has set its FY 2025 guidance at -0.350--0.350 EPS. As a group, research analysts forecast that NioCorp Developments Ltd. will post -0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

Hedge funds have recently added to or reduced their stakes in the company. ProShare Advisors LLC purchased a new position in NioCorp Developments in the 2nd quarter worth approximately $25,000. KPP Advisory Services LLC purchased a new position in NioCorp Developments in the 2nd quarter worth approximately $25,000. Wealth Enhancement Advisory Services LLC purchased a new position in NioCorp Developments in the 2nd quarter worth approximately $27,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in NioCorp Developments during the 2nd quarter valued at $30,000. Finally, Blue Capital Inc. purchased a new stake in NioCorp Developments during the 2nd quarter valued at $36,000. 4.03% of the stock is currently owned by hedge funds and other institutional investors.

About NioCorp Developments

NioCorp Developments Ltd. engages in the exploration and development of mineral deposits in North America. It owns and develops the Elk Creek niobium/scandium/titanium project that owns one 226.43-acre parcel of land and associated mineral rights, and an additional 40 acres of mineral rights, as well as an optioned land package that covers an area of 1,396 acres located in Johnson County, southeast Nebraska.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.