NioCorp Developments (NASDAQ:NB) Trading 8.4% Higher - Here's What Happened

Key Points

• Shares climbed 8.4% to $5.225 on Monday with 998,584 shares traded, roughly an 80% decline from its average session volume.
• Analysts are mixed: the stock has an average rating of "Hold" with an average target of $7.90, while individual notes range from HC Wainwright's $10 buy to Weiss Ratings' sell and Zacks' downgrade to hold.
• NioCorp beat quarterly EPS estimates (reported -$0.05 vs. -$0.88 consensus) and continues to develop the Elk Creek critical minerals project (niobium, scandium, titanium); market cap is about $734 million.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) shares traded up 8.4% on Monday . The stock traded as high as $5.05 and last traded at $5.2250. 998,584 shares traded hands during trading, a decline of 80% from the average session volume of 5,056,822 shares. The stock had previously closed at $4.82.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. 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. Weiss Ratings reissued a "sell (d-)" rating on shares of NioCorp Developments in a report on Thursday, January 22nd. Loop Capital set a $8.70 price objective on shares of NioCorp Developments in a report on Wednesday, January 7th. Finally, Zacks Research cut shares of NioCorp Developments from a "strong-buy" rating to a "hold" rating in a report on Friday, March 13th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $7.90.

NioCorp Developments Price Performance

The firm's 50-day moving average is $5.21 and its 200-day moving average is $6.23. The company has a market capitalization of $734.35 million, a P/E ratio of -6.35 and a beta of -0.03.

NioCorp Developments (NASDAQ:NB - Get Free Report) last announced its earnings results on Friday, February 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.88) by $0.83. As a group, analysts forecast that NioCorp Developments Ltd. will post -0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

A number of hedge funds have recently modified their holdings of the company. Rockefeller Capital Management L.P. boosted its position in shares of NioCorp Developments by 1,073.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 99,762 shares of the company's stock worth $529,000 after purchasing an additional 91,262 shares during the period. Virtu Financial LLC boosted its position in shares of NioCorp Developments by 324.0% in the fourth quarter. Virtu Financial LLC now owns 84,133 shares of the company's stock worth $446,000 after purchasing an additional 64,290 shares during the period. Blue Capital Inc. purchased a new position in shares of NioCorp Developments in the fourth quarter worth $146,000. Invesco Ltd. lifted its holdings in shares of NioCorp Developments by 127.2% in the fourth quarter. Invesco Ltd. now owns 65,295 shares of the company's stock worth $346,000 after buying an additional 36,555 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new position in shares of NioCorp Developments in the fourth quarter worth $114,000. 4.03% of the stock is currently owned by institutional investors.

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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