NioCorp Developments (NASDAQ:NB) Sets New 1-Year Low - Time to Sell?

Key Points

• NioCorp Developments shares fell to a new 52-week low of $3.80, below both their 50-day moving average of $4.52 and 200-day moving average of $5.01.
• Analyst sentiment is mixed: the stock has an overall “Hold” consensus, with a target price of $8.85, while individual ratings range from “Sell” to “Buy” and price targets span $4.70 to $12.00.
• Institutional ownership remains limited at 4.03%, although several hedge funds and investment managers increased their positions during recent quarters.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report)'s share price hit a new 52-week low on Thursday . The stock traded as low as $3.80 and last traded at $3.81, with a volume of 3434476 shares. The stock had previously closed at $4.04.

Analysts Set New Price Targets

Several equities research analysts recently commented on NB shares. HC Wainwright reaffirmed a "buy" rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Wall Street Zen lowered NioCorp Developments from a "hold" rating to a "sell" rating in a research note on Saturday, July 4th. Weiss Ratings restated a "sell (d-)" rating on shares of NioCorp Developments in a report on Friday, July 17th. Jefferies Financial Group initiated coverage on NioCorp Developments in a research note on Wednesday, September 2nd. They issued a "hold" rating and a $4.70 target price for the company. Finally, B. Riley Financial initiated coverage on shares of NioCorp Developments in a research report on Tuesday, June 9th. They set a "buy" rating and a $12.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, NioCorp Developments presently has an average rating of "Hold" and a consensus target price of $8.85.

NioCorp Developments Stock Performance

The stock has a market cap of $554.70 million, a PE ratio of -5.60 and a beta of 0.25. The company's 50-day moving average price is $4.52 and its 200 day moving average price is $5.01.

Institutional Investors Weigh In On NioCorp Developments

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. grew its holdings in shares of NioCorp Developments by 67.0% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company's stock worth $18,711,000 after purchasing an additional 1,123,863 shares during the period. Private Management Group Inc. boosted its stake in NioCorp Developments by 2.2% during the fourth quarter. Private Management Group Inc. now owns 2,145,364 shares of the company's stock worth $11,370,000 after buying an additional 46,801 shares during the period. State Street Corp increased its position in shares of NioCorp Developments by 67.9% during the fourth quarter. State Street Corp now owns 1,768,356 shares of the company's stock valued at $9,372,000 after acquiring an additional 715,288 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of NioCorp Developments by 51.3% in the 4th quarter. Geode Capital Management LLC now owns 1,306,157 shares of the company's stock valued at $6,923,000 after acquiring an additional 443,007 shares during the period. Finally, Millennium Management LLC raised its stake in shares of NioCorp Developments by 107.0% in the 4th quarter. Millennium Management LLC now owns 1,191,723 shares of the company's stock valued at $6,316,000 after acquiring an additional 616,131 shares during the period. Hedge funds and other institutional investors own 4.03% of the company's stock.

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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