NioCorp Developments (NASDAQ:NB) Sets New 52-Week Low – Should You Sell?

NioCorp Developments Ltd. (NASDAQ:NB) reached a new 52-week low on Monday. The company traded as low as $3.40 and last traded at $3.4350, with a volume of 389746 shares traded. The stock had previously closed at $3.47.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. 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 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Friday, July 17th. Wall Street Zen cut shares of NioCorp Developments from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 26th. Finally, B. Riley Financial assumed coverage on shares of NioCorp Developments in a report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 target price on the stock. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.85.

NioCorp Developments Price Performance

The stock has a 50-day moving average price of $4.18 and a two-hundred day moving average price of $4.80. The stock has a market cap of $512.48 million, a PE ratio of -6.52 and a beta of 0.28.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings results on Friday, September 25th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Equities research analysts expect that NioCorp Developments Ltd. will post -0.32 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Gratia Capital LLC purchased a new position in shares of NioCorp Developments in the 2nd quarter worth $1,976,000. Bank of New York Mellon Corp bought a new stake in shares of NioCorp Developments in the 2nd quarter worth about $1,988,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of NioCorp Developments during the 1st quarter valued at about $535,000. Quantinno Capital Management LP purchased a new stake in shares of NioCorp Developments during the 1st quarter valued at about $694,000. Finally, Baer Investment Advisory LLC bought a new position in shares of NioCorp Developments in the 1st quarter valued at about $242,000. 4.03% of the stock is currently owned by institutional investors.

About NioCorp Developments

NioCorp Developments Ltd. is a U.S.-focused critical minerals company advancing the Elk Creek Critical Minerals Project in southeast Nebraska. The project is designed to produce niobium, scandium and titanium, with the potential to recover several rare earth elements, including neodymium, praseodymium, terbium and dysprosium.

NioCorp’s planned products are intended for use in applications such as high-strength steel, aerospace and defense systems, electric vehicles, permanent magnets, and other advanced technologies.