NioCorp Developments (NASDAQ:NB) Shares Gap Down - What's Next?

Key Points

• NioCorp Developments Ltd. saw its stock price drop from $11.67 to $11.25, with the last trading price at $10.09 and a significant trading volume of over 6 million shares.
• Analysts have mixed opinions on the stock, with Weiss Ratings maintaining a "sell" rating while others, like Maxim Group and HC Wainwright, issued "buy" ratings and increased their price targets significantly.
• The company's market capitalization stands at approximately $740 million, and it is involved in the development of mineral deposits, notably the Elk Creek niobium/scandium/titanium project in Nebraska.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $11.67, but opened at $11.25. NioCorp Developments shares last traded at $10.09, with a volume of 6,347,590 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of NioCorp Developments in a research report on Wednesday, October 8th. Maxim Group lifted their price objective on NioCorp Developments from $4.00 to $5.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, HC Wainwright lifted their price objective on NioCorp Developments from $4.00 to $8.25 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, NioCorp Developments currently has a consensus rating of "Hold" and a consensus target price of $6.63.

NioCorp Developments Stock Performance

The company has a market capitalization of $740.04 million, a price-to-earnings ratio of -28.09 and a beta of -0.18. The business has a 50 day moving average price of $5.79 and a 200-day moving average price of $3.73.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Armistice Capital LLC acquired a new position in shares of NioCorp Developments during the first quarter valued at about $2,573,000. PFG Advisors increased its position in NioCorp Developments by 384.2% in the 1st quarter. PFG Advisors now owns 181,168 shares of the company's stock valued at $357,000 after buying an additional 143,750 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in NioCorp Developments in the 2nd quarter valued at about $27,000. CreativeOne Wealth LLC increased its position in NioCorp Developments by 76.0% in the 1st quarter. CreativeOne Wealth LLC now owns 29,983 shares of the company's stock valued at $59,000 after buying an additional 12,946 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in NioCorp Developments by 48,003.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 24,533 shares of the company's stock valued at $57,000 after buying an additional 24,482 shares in the last quarter. 4.03% of the stock is owned by 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.

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