NioCorp Developments (NASDAQ:NB) Reaches New 12-Month Low - What's Next?

Key Points

• NioCorp Developments hit a new 52-week low, falling to $3.51 intraday and last trading at $3.56, below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed, with three Buy ratings, two Holds and one Sell; the consensus rating is Hold with an average price target of $8.85.
• The development-stage critical minerals company is advancing its Elk Creek Project in Nebraska, while institutional investors collectively own a modest 4.03% of its shares.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $3.51 and last traded at $3.56, with a volume of 2502133 shares changing hands. The stock had previously closed at $3.63.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NB. Zacks Research downgraded NioCorp Developments from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. HC Wainwright reiterated a "buy" rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Jefferies Financial Group assumed coverage on shares of NioCorp Developments in a report on Wednesday, September 2nd. They set a "hold" rating and a $4.70 price target for the company. Wall Street Zen lowered shares of NioCorp Developments from a "hold" rating to a "sell" rating in a research report on Saturday, July 4th. Finally, B. Riley Financial initiated coverage on shares of NioCorp Developments in a report on Tuesday, June 9th. They issued a "buy" rating and a $12.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $8.85.

NioCorp Developments Stock Down 1.9%

The stock has a fifty day moving average of $4.44 and a 200-day moving average of $4.96. The firm has a market capitalization of $518.30 million, a P/E ratio of -5.24 and a beta of 0.25.

Hedge Funds Weigh In On NioCorp Developments

Several institutional investors and hedge funds have recently modified their holdings of NB. Sound Income Strategies LLC purchased a new stake in shares of NioCorp Developments during the 1st quarter valued at about $25,000. Maltin Wealth Management Inc. bought a new stake in shares of NioCorp Developments during the 1st quarter valued at $45,000. Ironwood Wealth Management LLC. purchased a new stake in NioCorp Developments in the first quarter worth about $49,000. Talon Private Wealth LLC purchased a new stake in NioCorp Developments in the 1st quarter worth approximately $53,000. Finally, Brookstone Capital Management purchased a new position in shares of NioCorp Developments during the 1st quarter valued at $56,000. 4.03% of the stock is currently owned by institutional investors.

NioCorp Developments Company Profile

NioCorp Developments Ltd. NASDAQ: NB is a development-stage critical minerals company focused on advancing the Elk Creek Project in southeastern Nebraska. The company is evaluating the development of a domestic source of niobium, scandium and titanium, along with certain rare earth elements, including neodymium, praseodymium, dysprosium and terbium.

The proposed Elk Creek operation is designed to process mineralized material into products that could support industries such as transportation, aerospace, defense, electronics and clean energy.

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