NioCorp Developments (NASDAQ:NB) Shares Up 10.4% - Still a Buy?

Key Points

• NioCorp Developments shares jumped 10.4% in Tuesday trading, briefly reaching $4.77, though volume was far below normal at 638,184 shares versus an average of 4.6 million.
• Analyst sentiment remains mixed: the stock has three Buy ratings, one Hold, and one Sell, with a consensus rating of Hold and an average price target of $10.23.
• The company recently met earnings expectations, reporting EPS of -$0.02 for the quarter, while analysts currently expect a full-year EPS loss of -$0.48.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) shares rose 10.4% during trading on Tuesday . The stock traded as high as $4.77 and last traded at $4.7490. 638,184 shares were traded during trading, a decline of 86% from the average daily volume of 4,598,179 shares. The stock had previously closed at $4.30.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wall Street Zen lowered NioCorp Developments from a "hold" rating to a "sell" rating in a research report on Saturday, July 4th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NioCorp Developments in a research report on Tuesday, April 21st. B. Riley Financial began coverage on NioCorp Developments in a research report on Tuesday, June 9th. They set a "buy" rating and a $12.00 price target for the company. Zacks Research downgraded shares of NioCorp Developments from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Finally, HC Wainwright decreased their price objective on shares of NioCorp Developments from $11.25 to $10.00 and set a "buy" rating for the company in a report on Thursday, April 9th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, NioCorp Developments has a consensus rating of "Hold" and a consensus target price of $10.23.

NioCorp Developments Trading Up 11.5%

The firm has a market cap of $697.96 million, a price-to-earnings ratio of -7.07 and a beta of 0.24. The stock has a fifty day moving average price of $5.29 and a 200 day moving average price of $5.53.

NioCorp Developments (NASDAQ:NB - Get Free Report) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.02) EPS for the quarter, meeting analysts' consensus estimates of ($0.02). On average, sell-side analysts forecast that NioCorp Developments Ltd. will post -0.48 EPS for the current year.

Hedge Funds Weigh In On NioCorp Developments

Several large investors have recently added to or reduced their stakes in NB. Alyeska Investment Group L.P. lifted its position in NioCorp Developments by 67.0% in the third quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company's stock worth $18,711,000 after purchasing an additional 1,123,863 shares during the period. Private Management Group Inc. grew its stake in shares of NioCorp Developments by 2.2% in the 4th quarter. Private Management Group Inc. now owns 2,145,364 shares of the company's stock valued at $11,370,000 after purchasing an additional 46,801 shares during the period. State Street Corp raised its holdings in shares of NioCorp Developments by 67.9% in the 4th quarter. State Street Corp now owns 1,768,356 shares of the company's stock worth $9,372,000 after buying an additional 715,288 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of NioCorp Developments by 51.3% during the 4th quarter. Geode Capital Management LLC now owns 1,306,157 shares of the company's stock worth $6,923,000 after buying an additional 443,007 shares during the period. Finally, Millennium Management LLC grew its position in NioCorp Developments by 107.0% in the fourth quarter. Millennium Management LLC now owns 1,191,723 shares of the company's stock valued at $6,316,000 after acquiring an additional 616,131 shares during the period. Institutional investors and hedge funds own 4.03% of the company's stock.

NioCorp Developments Company Profile

NioCorp Developments Ltd is a North American critical minerals development company focused on advancing its flagship Elk Creek Critical Minerals Project in southeastern Nebraska. The company’s primary business activity centers on the exploration, evaluation and development of a polymetallic deposit that hosts significant quantities of niobium, scandium and titanium. Through metallurgical testing and prefeasibility studies, NioCorp aims to produce high-purity ferroniobium, high-purity titanium dioxide slag and scandium oxide for industrial, aerospace and clean-energy applications.

At the heart of NioCorp’s operations is the Elk Creek project, where the company holds surface rights and mineral leases across approximately 7,100 acres of land.

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