NioCorp Developments (NASDAQ:NB) Sees Strong Trading Volume – Should You Buy?

NioCorp Developments Ltd. (NASDAQ:NB) saw strong trading volume on Monday . 5,903,029 shares traded hands during mid-day trading, an increase of 3% from the previous session’s volume of 5,723,660 shares.The stock last traded at $6.9970 and had previously closed at $7.70.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a report on Thursday. William Blair started coverage on NioCorp Developments in a research report on Monday, October 20th. They issued an “outperform” rating on the stock. Loop Capital set a $8.70 price target on shares of NioCorp Developments in a report on Wednesday, January 7th. Finally, HC Wainwright lifted their price objective on shares of NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.32.

NioCorp Developments Price Performance

The stock has a market capitalization of $805.68 million, a price-to-earnings ratio of -8.23 and a beta of -0.14. The firm has a fifty day moving average of $6.11 and a 200 day moving average of $5.80.

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

Institutional Inflows and Outflows

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

NioCorp Developments Company Profile

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.