NioCorp Developments (NASDAQ:NB) Shares Gap Up - Here's What Happened

Key Points

• NioCorp Developments' shares experienced a significant price movement, opening at $12.34 after previously closing at $11.32, with a last trading price of $10.94.
• Analysts have mixed opinions on the stock, with a consensus rating of "Hold" and a price target of $6.63, reflecting varying ratings including two "Buy" and one "Sell."
• The company saw substantial institutional investment, with notable increases in stakes from firms like Geode Capital Management and PFG Advisors, indicating growing confidence in NioCorp's potential.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $11.32, but opened at $12.34. NioCorp Developments shares last traded at $10.94, with a volume of 10,157,141 shares trading hands.

Analyst Ratings Changes

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

NioCorp Developments Price Performance

The stock has a market capitalization of $949.37 million, a P/E ratio of -35.96 and a beta of -0.18. The stock's fifty day moving average is $5.63 and its two-hundred day moving average is $3.67.

NioCorp Developments (NASDAQ:NB - Get Free Report) last issued its earnings results on Friday, July 11th. The company reported ($0.16) earnings per share for the quarter. Analysts expect that NioCorp Developments Ltd. will post -0.34 EPS for the current year.

Hedge Funds Weigh In On NioCorp Developments

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Private Management Group Inc. acquired a new position in NioCorp Developments in the 2nd quarter worth approximately $4,890,000. Armistice Capital LLC acquired a new position in NioCorp Developments in the 1st quarter worth approximately $2,573,000. Geode Capital Management LLC boosted its stake 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 worth $1,501,000 after purchasing an additional 618,170 shares during the period. PFG Advisors boosted its stake in NioCorp Developments by 384.2% in the 1st quarter. PFG Advisors now owns 181,168 shares of the company's stock worth $357,000 after purchasing an additional 143,750 shares during the period. Finally, Marshall Wace LLP boosted its stake in NioCorp Developments by 111.3% in the 2nd quarter. Marshall Wace LLP now owns 159,790 shares of the company's stock worth $372,000 after purchasing an additional 84,176 shares during the period. Institutional investors and hedge funds own 4.03% of the company's stock.

NioCorp Developments Company Profile

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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