NioCorp Developments (NASDAQ:NB) Shares Up 15% - Still a Buy?

Key Points

• NioCorp shares jumped 15% to about $5.13, although trading volume was below average. The stock remains below its 200-day moving average of $5.35 and has a market capitalization of roughly $756 million.
• Analyst sentiment is mixed: three analysts rate the stock a Buy, while others rate it Hold or Sell. The consensus rating is Hold, with an average price target of $10.23 versus the recent trading price.
• NioCorp continues to develop its Elk Creek Critical Minerals Project in Nebraska, targeting niobium, scandium and titanium products; the company reported quarterly EPS of negative $0.02, in line with estimates.

Shares of NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) were up 15% on Tuesday . The company traded as high as $5.06 and last traded at $5.1290. 2,686,577 shares were traded during trading, a decline of 39% from the average daily volume of 4,406,927 shares. The stock had previously closed at $4.46.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NB shares. Zacks Research lowered shares of NioCorp Developments from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. HC Wainwright restated a "buy" rating on shares of NioCorp Developments in a report on Wednesday, July 15th. B. Riley Financial started coverage on shares of NioCorp Developments in a research report on Tuesday, June 9th. They set a "buy" rating and a $12.00 price target for the company. Wall Street Zen downgraded NioCorp Developments from a "hold" rating to a "sell" rating in a report on Saturday, July 4th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of NioCorp Developments in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $10.23.

NioCorp Developments Stock Performance

The stock has a fifty day simple moving average of $4.89 and a two-hundred day simple moving average of $5.35. The stock has a market cap of $755.90 million, a PE ratio of -7.66 and a beta of 0.26.

NioCorp Developments (NASDAQ:NB - Get Free Report) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.02). On average, equities analysts predict that NioCorp Developments Ltd. will post -0.46 EPS for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

A number of institutional investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. increased its position in shares of NioCorp Developments by 67.0% during the third quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company's stock worth $18,711,000 after acquiring an additional 1,123,863 shares during the last quarter. Deltroit Asset Management UK LLP purchased a new position in NioCorp Developments in the fourth quarter valued at about $5,677,000. Marshall Wace LLP boosted its holdings in NioCorp Developments by 623.5% in the third quarter. Marshall Wace LLP now owns 1,156,057 shares of the company's stock valued at $7,722,000 after purchasing an additional 996,267 shares during the last quarter. Nuveen LLC grew its stake in NioCorp Developments by 785.0% during the 4th quarter. Nuveen LLC now owns 879,032 shares of the company's stock valued at $4,659,000 after purchasing an additional 779,709 shares in the last quarter. Finally, State Street Corp grew its stake in NioCorp Developments by 67.9% during the 4th quarter. State Street Corp now owns 1,768,356 shares of the company's stock valued at $9,372,000 after purchasing an additional 715,288 shares in the last quarter. 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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