NioCorp Developments (NASDAQ:NB) Shares Down 14.4% – What’s Next?

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price traded down 14.4% on Wednesday . The stock traded as low as $6.51 and last traded at $6.42. 3,548,543 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 6,691,148 shares. The stock had previously closed at $7.50.

Analysts Set New Price Targets

Several equities research analysts have commented on NB shares. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday, January 22nd. William Blair assumed coverage on NioCorp Developments in a research note on Monday, October 20th. They set an “outperform” rating on the stock. 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 note on Tuesday, January 13th. Finally, Loop Capital set a $8.70 price objective on shares of NioCorp Developments in a research note on Wednesday, January 7th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $8.32.

NioCorp Developments Stock Performance

The stock’s fifty day simple moving average is $6.27 and its two-hundred day simple moving average is $5.97. The company has a market capitalization of $820.21 million, a price-to-earnings ratio of -8.13 and a beta of -0.14.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. lifted its position in shares of NioCorp Developments by 67.0% in the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock valued at $18,711,000 after acquiring an additional 1,123,863 shares in the last quarter. Private Management Group Inc. acquired a new stake in shares of NioCorp Developments in the second quarter worth $4,890,000. HITE Hedge Asset Management LLC purchased a new position in shares of NioCorp Developments during the third quarter valued at $9,770,000. Brevan Howard Capital Management LP acquired a new position in NioCorp Developments during the third quarter valued at $9,690,000. Finally, Marshall Wace LLP lifted its stake in NioCorp Developments by 623.5% in the 3rd quarter. Marshall Wace LLP now owns 1,156,057 shares of the company’s stock worth $7,722,000 after acquiring an additional 996,267 shares in the last quarter. 4.03% of the stock is owned by hedge funds and other institutional investors.

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.