NioCorp Developments (NASDAQ:NB) Shares Down 6.2% – Time to Sell?

NioCorp Developments Ltd. (NASDAQ:NB)’s share price fell 6.2% on Thursday . The company traded as low as $6.38 and last traded at $6.3850. 3,124,835 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 4,376,184 shares. The stock had previously closed at $6.81.

Wall Street Analyst Weigh In

NB has been the topic of a number of analyst reports. Loop Capital set a $8.70 target price on NioCorp Developments in a research report on Wednesday, January 7th. HC Wainwright increased their price target on NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a research report on Tuesday. William Blair started coverage on NioCorp Developments in a report on Monday, October 20th. They issued an “outperform” rating on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, NioCorp Developments currently has an average rating of “Moderate Buy” and a consensus target price of $8.32.

NioCorp Developments Stock Up 3.9%

The company has a fifty day moving average of $6.01 and a two-hundred day moving average of $5.60. The stock has a market capitalization of $788.97 million, a price-to-earnings ratio of -8.06 and a beta of -0.14.

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. Equities analysts anticipate that NioCorp Developments Ltd. will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NioCorp Developments

A number of hedge funds have recently added to or reduced their stakes in the company. ProShare Advisors LLC acquired a new position in NioCorp Developments during the 2nd quarter worth approximately $25,000. KPP Advisory Services LLC acquired a new stake in shares of NioCorp Developments in the 2nd quarter valued at approximately $25,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of NioCorp Developments in the second quarter valued at approximately $27,000. Police & Firemen s Retirement System of New Jersey acquired a new position in NioCorp Developments during the second quarter worth $30,000. Finally, Global Retirement Partners LLC purchased a new position in NioCorp Developments in the third quarter worth $31,000. Institutional investors and hedge funds 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.