NioCorp Developments (NASDAQ:NB) Shares Up 0.4% - Here's Why

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) shares were up 0.4% on Thursday . The stock traded as high as $2.45 and last traded at $2.40. Approximately 302,753 shares changed hands during trading, a decline of 18% from the average daily volume of 369,571 shares. The stock had previously closed at $2.39.

Analyst Upgrades and Downgrades

Separately, HC Wainwright lifted their price objective on NioCorp Developments from $3.25 to $4.25 and gave the stock a "buy" rating in a report on Tuesday, April 29th.

NioCorp Developments Price Performance

The company has a market cap of $128.47 million, a P/E ratio of -3.10 and a beta of -0.37. The stock's 50-day moving average is $2.37 and its two-hundred day moving average is $1.98.

NioCorp Developments (NASDAQ:NB - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.08). On average, analysts predict that NioCorp Developments Ltd. will post -0.34 EPS for the current year.

Institutional Investors Weigh In On NioCorp Developments

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Armistice Capital LLC bought a new position in NioCorp Developments in the 1st quarter worth $2,573,000. Northern Trust Corp bought a new position in shares of NioCorp Developments in the fourth quarter worth about $980,000. Jane Street Group LLC purchased a new stake in shares of NioCorp Developments during the fourth quarter worth about $359,000. PFG Advisors raised its stake in NioCorp Developments by 384.2% during 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 period. Finally, Virtu Financial LLC raised its stake in NioCorp Developments by 158.0% during the 4th quarter. Virtu Financial LLC now owns 34,355 shares of the company's stock valued at $53,000 after purchasing an additional 21,038 shares during the period. 4.03% of the stock is 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.