NioCorp Developments (NASDAQ:NB) Stock Price Up 5.3% - Here's Why

Key Points

• NioCorp shares rose 5.3% to $3.675, although trading volume was 90% below the average session volume.
• Analyst sentiment remains mixed: three analysts rate the stock a Buy, two Hold, and one Sell. The consensus rating is Hold, with an $8.85 target price.
• The development-stage critical minerals company reported a quarterly loss of $0.02 per share, beating estimates for a $0.04 loss, while institutional investors own 4.03% of its shares.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) traded up 5.3% on Wednesday. The stock traded as high as $3.69 and last traded at $3.6750. 393,139 shares traded hands during trading, a decline of 90% from the average session volume of 4,128,749 shares. The stock had previously closed at $3.49.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. HC Wainwright restated a "buy" rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. B. Riley Financial started coverage on NioCorp Developments in a research report on Tuesday, June 9th. They set a "buy" rating and a $12.00 price objective on the stock. Wall Street Zen downgraded NioCorp Developments from a "sell" rating to a "strong sell" rating in a research note on Saturday. Weiss Ratings reissued a "sell (d-)" rating on shares of NioCorp Developments in a report on Friday, July 17th. Finally, Jefferies Financial Group initiated coverage on shares of NioCorp Developments in a research note on Wednesday, September 2nd. They set a "hold" rating and a $4.70 target price on the stock. Three 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's stock. According to data from MarketBeat, NioCorp Developments has an average rating of "Hold" and a consensus target price of $8.85.

NioCorp Developments Trading Up 3.6%

The company has a 50 day simple moving average of $4.25 and a two-hundred day simple moving average of $4.85. The firm has a market capitalization of $526.30 million, a P/E ratio of -6.69 and a beta of 0.25.

NioCorp Developments (NASDAQ:NB - Get Free Report) last issued its earnings results on Friday, September 25th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.02. On average, sell-side analysts expect that NioCorp Developments Ltd. will post -0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On NioCorp Developments

Large investors have recently made changes to their positions in the company. 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 valued at $11,370,000 after buying an additional 46,801 shares during the last quarter. Deltroit Asset Management UK LLP purchased a new stake in shares of NioCorp Developments during the 4th quarter worth approximately $5,677,000. Bank of New York Mellon Corp purchased a new stake in shares of NioCorp Developments during the 2nd quarter worth approximately $1,988,000. Gratia Capital LLC bought a new position in shares of NioCorp Developments during the 2nd quarter valued at approximately $1,976,000. Finally, Swiss National Bank boosted its position in shares of NioCorp Developments by 30.0% during the 1st 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. 4.03% of the stock is owned by institutional investors.

About NioCorp Developments

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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