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

Key Points

• NioCorp Developments Ltd. shares experienced a significant gap up, opening at $9.00 after a previous close of $7.94 and last trading at $8.40.
• Wall Street analysts have mixed ratings on the stock, with two analysts giving it a "buy" rating and one assigning a "sell (d-)" rating, resulting in an average rating of "hold" with a consensus price target of $6.63.
• Institutional interest in NioCorp has increased, with multiple hedge funds purchasing positions in the second quarter, raising institutional ownership to 4.03% of the company.

Shares of NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $7.94, but opened at $9.00. NioCorp Developments shares last traded at $8.40, with a volume of 5,710,607 shares.

Wall Street Analysts Forecast Growth

NB has been the subject of several research analyst reports. HC Wainwright lifted 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. Maxim Group lifted 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, Weiss Ratings reissued a "sell (d-)" rating on shares of NioCorp Developments in a report on Saturday, September 27th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $6.63.

NioCorp Developments Stock Performance

The stock's fifty day simple moving average is $4.83 and its 200-day simple moving average is $3.35. The stock has a market cap of $659.25 million, a P/E ratio of -24.93 and a beta of -0.18.

NioCorp Developments (NASDAQ:NB - Get Free Report) last issued its quarterly earnings results 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, equities research analysts forecast that NioCorp Developments Ltd. will post -0.34 earnings per share for the current year.

Institutional Trading of NioCorp Developments

A number of institutional investors and hedge funds have recently made changes to their positions in NB. ProShare Advisors LLC bought a new stake in shares of NioCorp Developments during the 2nd quarter worth approximately $25,000. KPP Advisory Services LLC bought a new stake in shares of NioCorp Developments during the 2nd quarter worth approximately $25,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of NioCorp Developments during the 2nd quarter worth approximately $27,000. Police & Firemen s Retirement System of New Jersey bought a new position in NioCorp Developments in the 2nd quarter valued at approximately $30,000. Finally, Blue Capital Inc. bought a new position in NioCorp Developments in the 2nd quarter valued at approximately $36,000. Institutional investors own 4.03% of the company's stock.

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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