NioCorp Developments (NASDAQ:NB) Trading Up 12.7% - Still a Buy?

Key Points

• NioCorp Developments' stock surged 12.7% to close at $8.87, following an increase in trading volume despite being below the average session volume.
• Equities analysts have expressed mixed opinions, with three analysts rating it as a Buy and one issuing a Sell rating, setting a consensus target price of $6.63.
• Recent institutional activity shows significant investments, with PFG Advisors increasing their stake by 384.2% in the first quarter, reflecting growing interest from large investors.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report)'s stock price shot up 12.7% during trading on Friday . The stock traded as high as $8.97 and last traded at $8.87. 2,691,590 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 3,217,039 shares. The stock had previously closed at $7.87.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Maxim Group boosted their price target on shares of NioCorp Developments from $4.00 to $5.00 and gave the company a "buy" rating in a research report on Friday, July 11th. HC Wainwright boosted their target price on NioCorp Developments from $4.00 to $8.25 and gave the stock a "buy" rating in a report on Monday, September 22nd. Weiss Ratings reissued a "sell (d-)" rating on shares of NioCorp Developments in a research note on Wednesday, October 8th. Finally, William Blair started coverage on NioCorp Developments in a research note on Monday. They issued an "outperform" rating on the stock. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, NioCorp Developments has a consensus rating of "Moderate Buy" and a consensus price target of $6.63.

NioCorp Developments Price Performance

The firm has a market cap of $657.46 million, a price-to-earnings ratio of -24.94 and a beta of -0.18. The firm has a 50 day moving average price of $6.37 and a 200-day moving average price of $4.03.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. PFG Advisors lifted its stake in NioCorp Developments by 384.2% in the first quarter. PFG Advisors now owns 181,168 shares of the company's stock valued at $357,000 after buying an additional 143,750 shares during the period. CreativeOne Wealth LLC raised its position in shares of NioCorp Developments by 76.0% in the 1st quarter. CreativeOne Wealth LLC now owns 29,983 shares of the company's stock valued at $59,000 after acquiring an additional 12,946 shares during the period. Armistice Capital LLC acquired a new stake in NioCorp Developments in the first quarter worth $2,573,000. Wealth Enhancement Advisory Services LLC acquired a new stake in NioCorp Developments in the second quarter worth $27,000. Finally, KPP Advisory Services LLC acquired a new stake in NioCorp Developments in the second quarter worth $25,000. Institutional investors and hedge funds own 4.03% of the company's stock.

About NioCorp Developments

NioCorp Developments Ltd. engages in the exploration and development of mineral deposits in North America. It owns and develops the Elk Creek niobium/scandium/titanium project that owns one 226.43-acre parcel of land and associated mineral rights, and an additional 40 acres of mineral rights, as well as an optioned land package that covers an area of 1,396 acres located in Johnson County, southeast Nebraska.

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