NioCorp Developments (NASDAQ:NB) Stock Price Down 10.3% - Should You Sell?

Key Points

• Down 10.3% midday to $5.775 (intraday low $5.88) on ~2.56M shares traded, about 51% below average; the 50‑day and 200‑day SMAs are $5.14 and $6.18 respectively.
• Wall Street's consensus is a Moderate Buy with an average price target of $7.90 (analyst mix: 1 Strong Buy, 3 Buy, 1 Sell), while some firms have recently adjusted targets (HC Wainwright cut to $10; Loop Capital $8.70; Zacks upgraded to Strong Buy).
• The company has a market cap of ~$824M, a negative P/E (-7.10) and analysts forecast -$0.56 EPS for the fiscal year, despite a recent quarterly beat (EPS -$0.05 vs. -$0.88); institutional ownership is low at ~4%.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report)'s stock price dropped 10.3% during mid-day trading on Thursday . The company traded as low as $5.88 and last traded at $5.7750. Approximately 2,561,632 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 5,204,704 shares. The stock had previously closed at $6.44.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NioCorp Developments in a research note on Tuesday. Zacks Research upgraded NioCorp Developments from a "hold" rating to a "strong-buy" rating in a report on Monday, April 13th. Loop Capital set a $8.70 price target on shares of NioCorp Developments in a research report on Wednesday, January 7th. Finally, HC Wainwright lowered their price objective on shares of NioCorp Developments from $11.25 to $10.00 and set a "buy" rating on the stock 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 issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $7.90.

NioCorp Developments Price Performance

The company has a 50 day simple moving average of $5.14 and a 200-day simple moving average of $6.18. The stock has a market capitalization of $824.25 million, a P/E ratio of -7.10 and a beta of -0.03.

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

Institutional Trading of NioCorp Developments

Several hedge funds and other institutional investors have recently modified their holdings of NB. Global Retirement Partners LLC purchased a new position in NioCorp Developments in the 3rd quarter valued at approximately $31,000. Russell Investments Group Ltd. purchased a new stake in shares of NioCorp Developments during the third quarter worth $40,000. Pittenger & Anderson Inc. boosted its holdings in shares of NioCorp Developments by 74.6% in the fourth quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company's stock worth $41,000 after acquiring an additional 3,275 shares during the period. Maltin Wealth Management Inc. purchased a new position in shares of NioCorp Developments in the first quarter valued at $45,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of NioCorp Developments during the 2nd quarter valued at $46,000. Institutional investors 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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