NioCorp Developments (NASDAQ:NB) Trading Down 5.4% – Should You Sell?

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price dropped 5.4% during mid-day trading on Friday . The company traded as low as $5.80 and last traded at $5.7690. Approximately 321,470 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 3,537,757 shares. The stock had previously closed at $6.10.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NB. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Wednesday, October 8th. William Blair began coverage on NioCorp Developments in a report on Monday, October 20th. They set an “outperform” rating for the company. Finally, HC Wainwright boosted their price target on shares of NioCorp Developments from $8.25 to $9.50 and gave the stock a “buy” rating in a research note on Monday, December 8th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, NioCorp Developments currently has a consensus rating of “Moderate Buy” and an average price target of $7.25.

NioCorp Developments Price Performance

The company has a market capitalization of $704.22 million, a P/E ratio of -7.20 and a beta of -0.16. The firm’s 50-day moving average is $6.44 and its 200-day moving average is $5.21.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Thursday, September 11th. The company reported ($0.19) earnings per share (EPS) for the quarter. As a group, analysts forecast that NioCorp Developments Ltd. will post -0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

Several hedge funds have recently bought and sold shares of NB. IFP Advisors Inc raised its holdings in shares of NioCorp Developments by 7,838.0% in the 3rd quarter. IFP Advisors Inc now owns 7,938 shares of the company’s stock valued at $53,000 after purchasing an additional 7,838 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of NioCorp Developments during the third quarter worth about $60,000. NewEdge Advisors LLC increased its stake in shares of NioCorp Developments by 31.3% in the third quarter. NewEdge Advisors LLC now owns 33,931 shares of the company’s stock worth $227,000 after acquiring an additional 8,092 shares during the period. Worth Venture Partners LLC boosted its stake in shares of NioCorp Developments by 53.2% in the third quarter. Worth Venture Partners LLC now owns 49,778 shares of the company’s stock worth $333,000 after buying an additional 17,278 shares during the last quarter. Finally, Alyeska Investment Group L.P. grew its stake 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. Institutional investors own 4.03% of the company’s stock.

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.