NioCorp Developments (NASDAQ:NB) Shares Gap Up After Analyst Upgrade

NioCorp Developments Ltd. (NASDAQ:NB) shares gapped up prior to trading on Tuesday after HC Wainwright raised their price target on the stock from $9.50 to $11.25. The stock had previously closed at $6.90, but opened at $7.23. HC Wainwright currently has a buy rating on the stock. NioCorp Developments shares last traded at $6.66, with a volume of 2,156,840 shares traded.

Several other analysts also recently commented on the company. Loop Capital set a $8.70 target price on NioCorp Developments in a research note on Wednesday, January 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Wednesday, October 8th. Finally, William Blair initiated coverage on NioCorp Developments in a research report on Monday, October 20th. They set an “outperform” rating on the stock. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $8.32.

Institutional Trading of NioCorp Developments

A number of hedge funds have recently bought and sold shares of NB. Private Management Group Inc. purchased a new stake in shares of NioCorp Developments during the 2nd quarter worth $4,890,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in NioCorp Developments in the second quarter valued at about $205,000. Wealth Enhancement Advisory Services LLC purchased a new position in NioCorp Developments in the second quarter valued at about $27,000. CreativeOne Wealth LLC lifted its position in shares of NioCorp Developments by 228.9% during the second quarter. CreativeOne Wealth LLC now owns 98,603 shares of the company’s stock valued at $230,000 after buying an additional 68,620 shares during the last quarter. Finally, Harfst & Associates Inc. purchased a new stake in shares of NioCorp Developments during the third quarter valued at about $700,000. Hedge funds and other institutional investors own 4.03% of the company’s stock.

NioCorp Developments Stock Performance

The business’s fifty day moving average price is $5.99 and its two-hundred day moving average price is $5.56. The firm has a market capitalization of $812.84 million, a P/E ratio of -8.30 and a beta of -0.14.

NioCorp Developments (NASDAQ:NB) last posted its earnings results on Thursday, September 11th. The company reported ($0.19) EPS for the quarter. Sell-side analysts predict that NioCorp Developments Ltd. will post -0.34 earnings per share for the current year.

About NioCorp Developments

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.