NioCorp Developments (NASDAQ:NB) Stock Price Down 6.5% - What's Next?

Key Points

• NioCorp Developments shares fell 6.5% to $4.78 in Monday trading, with volume down 55% from the average; the stock remains below its 200-day moving average of $5.25.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $10.23. Ratings range from a $12.00 “Buy” target to “Sell” recommendations.
• The company reported quarterly EPS of $(0.02), in line with estimates, while analysts expect a $(0.46) loss per share for the full year. NioCorp is focused on developing its Elk Creek critical-minerals project in Nebraska.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report)'s stock price was down 6.5% during trading on Monday . The stock traded as low as $4.77 and last traded at $4.78. Approximately 1,987,405 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 4,439,616 shares. The stock had previously closed at $5.11.

Analysts Set New Price Targets

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

NioCorp Developments Stock Performance

The business's fifty day moving average price is $4.78 and its two-hundred day moving average price is $5.25. The firm has a market capitalization of $703.20 million, a P/E ratio of -7.10 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) EPS for the quarter, hitting the consensus estimate of ($0.02). Sell-side analysts predict that NioCorp Developments Ltd. will post -0.46 earnings per share for the current year.

Hedge Funds Weigh In On NioCorp Developments

A number of large investors have recently made changes to their positions in NB. Legal & General Group Plc boosted its holdings in NioCorp Developments by 31.6% in the third quarter. Legal & General Group Plc now owns 7,584 shares of the company's stock worth $51,000 after acquiring an additional 1,822 shares in the last quarter. CWM LLC increased its holdings in shares of NioCorp Developments by 24.9% during the fourth quarter. CWM LLC now owns 11,127 shares of the company's stock valued at $59,000 after acquiring an additional 2,215 shares in the last quarter. Royal Bank of Canada raised its position in shares of NioCorp Developments by 24.9% in the 4th quarter. Royal Bank of Canada now owns 11,272 shares of the company's stock valued at $61,000 after purchasing an additional 2,244 shares during the last quarter. Allen Capital Group LLC raised its position in shares of NioCorp Developments by 15.8% in the 1st quarter. Allen Capital Group LLC now owns 19,718 shares of the company's stock valued at $88,000 after purchasing an additional 2,690 shares during the last quarter. Finally, Keybank National Association OH boosted its stake in NioCorp Developments by 22.8% in the 1st quarter. Keybank National Association OH now owns 15,963 shares of the company's stock worth $71,000 after purchasing an additional 2,963 shares in the last quarter. 4.03% of the stock is owned by institutional investors and hedge funds.

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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