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

Key Points

• NioCorp Developments Ltd. shares gapped up to $8.76 after previously closing at $8.11, with a trading volume of over 2.7 million shares.
• Analyst reports indicate a consensus rating of "Moderate Buy" with a target price averaging at $6.63, despite mixed ratings from different firms.
• Institutional investors have recently increased their stake in NioCorp, with significant purchases made by firms like Armistice Capital and PFG Advisors.

Shares of NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $8.11, but opened at $8.76. NioCorp Developments shares last traded at $8.59, with a volume of 2,716,532 shares trading hands.

Analysts Set New Price Targets

NB has been the topic of a number of research analyst reports. HC Wainwright lifted their target price on NioCorp Developments from $4.00 to $8.25 and gave the company a "buy" rating in a research report on Monday, September 22nd. William Blair assumed coverage on shares of NioCorp Developments in a research report on Monday. They issued an "outperform" rating for the company. Maxim Group upped their target price on shares of NioCorp Developments from $4.00 to $5.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of NioCorp Developments in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, NioCorp Developments has a consensus rating of "Moderate Buy" and an average target price of $6.63.

NioCorp Developments Stock Up 19.0%

The firm has a fifty day simple moving average of $6.05 and a 200-day simple moving average of $3.88. The company has a market cap of $750.23 million, a PE ratio of -28.29 and a beta of -0.18.

Institutional Trading of NioCorp Developments

A number of large investors have recently bought and sold shares of NB. Armistice Capital LLC acquired a new position in NioCorp Developments in the first quarter valued at $2,573,000. PFG Advisors grew its stake in shares of 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 purchasing an additional 143,750 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of NioCorp Developments in the 2nd quarter valued at approximately $27,000. CreativeOne Wealth LLC increased its holdings in shares of NioCorp Developments by 76.0% in the first quarter. CreativeOne Wealth LLC now owns 29,983 shares of the company's stock valued at $59,000 after purchasing an additional 12,946 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in shares of NioCorp Developments during the second quarter worth approximately $62,000. 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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