NioCorp Developments (NASDAQ:NB) Sets New 1-Year Low - Here's What Happened

Key Points

• NioCorp Developments shares hit a new 52-week low of $3.40 during Monday trading and last traded at $3.4350, below both its 50-day and 200-day moving averages.
• Analyst opinions are mixed, with three Buy, two Hold and one Sell ratings; the stock has a consensus Hold rating and an $8.85 price target.
• NioCorp reported a quarterly loss of $0.02 per share, beating estimates for a $0.04 loss, while institutional investors own approximately 4.03% of the company.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Monday. The company traded as low as $3.40 and last traded at $3.4350, with a volume of 389746 shares trading hands. The stock had previously closed at $3.47.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of NioCorp Developments in a research note on Friday, July 17th. Jefferies Financial Group began coverage on shares of NioCorp Developments in a report on Wednesday, September 2nd. They issued a "hold" rating and a $4.70 target price on the stock. B. Riley Financial began coverage on shares of NioCorp Developments in a research note on Tuesday, June 9th. They issued a "buy" rating and a $12.00 price target on the stock. Wall Street Zen downgraded NioCorp Developments from a "sell" rating to a "strong sell" rating in a research note on Saturday, September 26th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, NioCorp Developments currently has a consensus rating of "Hold" and a consensus price target of $8.85.

NioCorp Developments Stock Performance

The business has a 50 day simple moving average of $4.20 and a 200-day simple moving average of $4.82. The firm has a market cap of $501.56 million, a price-to-earnings ratio of -6.38 and a beta of 0.28.

NioCorp Developments (NASDAQ:NB - Get Free Report) last released its quarterly earnings results on Friday, September 25th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.02. As a group, research analysts anticipate that NioCorp Developments Ltd. will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On NioCorp Developments

Several institutional investors and hedge funds have recently bought and sold shares of NB. Private Management Group Inc. raised its stake in NioCorp Developments by 2.2% in the 4th quarter. Private Management Group Inc. now owns 2,145,364 shares of the company's stock valued at $11,370,000 after acquiring an additional 46,801 shares during the period. Bank of New York Mellon Corp bought a new position in NioCorp Developments in the 2nd quarter worth about $1,988,000. Gratia Capital LLC purchased a new stake in NioCorp Developments in the second quarter valued at approximately $1,976,000. Swiss National Bank increased its stake in NioCorp Developments by 30.0% in the first quarter. Swiss National Bank now owns 287,500 shares of the company's stock valued at $1,282,000 after acquiring an additional 66,300 shares during the last quarter. Finally, Quantinno Capital Management LP bought a new stake in NioCorp Developments in the 1st quarter worth approximately $694,000. 4.03% of the stock is owned by institutional investors.

About NioCorp Developments

NioCorp Developments Ltd. is a U.S.-focused critical minerals company advancing the Elk Creek Critical Minerals Project in southeast Nebraska. The project is designed to produce niobium, scandium and titanium, with the potential to recover several rare earth elements, including neodymium, praseodymium, terbium and dysprosium.

NioCorp's planned products are intended for use in applications such as high-strength steel, aerospace and defense systems, electric vehicles, permanent magnets, and other advanced technologies.

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