NioCorp Developments (NASDAQ:NB) Shares Up 7% - Here's What Happened

Key Points

• NioCorp shares jumped about 7% during mid-day trading to roughly $6.06 (intraday high $6.11) on volume of 3,502,500 shares, which was about 33% below the stock's average session volume.
• Analyst sentiment is mixed: Zacks upgraded to a Strong Buy while Weiss reiterated a sell and HC Wainwright remains a buy with a lowered $10 target, leaving a MarketBeat consensus of a "Moderate Buy" and an average price target of $7.90.
• Fundamentals: NioCorp has a market cap of about $845 million and a negative P/E, recently reported an EPS beat for the quarter (‑$0.05 vs. consensus ‑$0.88), and is developing the Elk Creek critical-minerals project targeting niobium, scandium and titanium products.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report)'s share price shot up 7% during mid-day trading on Monday . The company traded as high as $6.11 and last traded at $6.0570. 3,502,500 shares were traded during mid-day trading, a decline of 33% from the average session volume of 5,190,781 shares. The stock had previously closed at $5.66.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Zacks Research upgraded shares of NioCorp Developments from a "hold" rating to a "strong-buy" rating in a report on Monday, April 13th. Loop Capital set a $8.70 target price on shares of NioCorp Developments in a report on Wednesday, January 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of NioCorp Developments in a report on Tuesday, April 21st. Finally, HC Wainwright dropped their target price 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. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $7.90.

NioCorp Developments Stock Performance

The company has a market capitalization of $844.96 million, a price-to-earnings ratio of -7.31 and a beta of -0.03. The firm has a 50-day simple moving average of $5.14 and a two-hundred day simple moving average of $6.12.

NioCorp Developments (NASDAQ:NB - Get Free Report) last released its earnings results on Friday, February 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.88) by $0.83. As a group, equities analysts forecast that NioCorp Developments Ltd. will post -0.56 EPS for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

Several institutional investors have recently modified their holdings of the business. Brevan Howard Capital Management LP acquired a new position in shares of NioCorp Developments during the third quarter worth about $9,690,000. HITE Hedge Asset Management LLC acquired a new position in shares of NioCorp Developments during the third quarter worth about $9,770,000. Harfst & Associates Inc. acquired a new position in shares of NioCorp Developments during the third quarter worth about $700,000. PFG Advisors acquired a new position in shares of NioCorp Developments during the third quarter worth about $1,224,000. Finally, Pictet Asset Management Holding SA acquired a new position in shares of NioCorp Developments during the fourth quarter worth about $74,000. Institutional investors and hedge funds own 4.03% of the company's stock.

About NioCorp Developments

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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