NioCorp Developments (NASDAQ:NB) Announces Earnings Results

NioCorp Developments (NASDAQ:NB) announced its earnings results on Friday. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.88) by $0.83, Zacks reports.

NioCorp Developments Price Performance

NB stock traded up $0.23 during trading on Friday, hitting $5.97. 4,713,541 shares of the company traded hands, compared to its average volume of 7,128,493. NioCorp Developments has a 1 year low of $1.59 and a 1 year high of $12.58. The stock’s 50-day simple moving average is $6.28 and its 200 day simple moving average is $5.99. The company has a market cap of $734.13 million, a PE ratio of -7.28 and a beta of -0.14.

Analyst Ratings Changes

A number of brokerages have commented on NB. HC Wainwright upped their target price on shares of NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Loop Capital set a $8.70 price objective on NioCorp Developments in a research note on Wednesday, January 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, January 22nd. Finally, William Blair began coverage on NioCorp Developments in a research report on Monday, October 20th. They set an “outperform” rating on the stock. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, NioCorp Developments has an average rating of “Moderate Buy” and a consensus price target of $8.32.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Russell Investments Group Ltd. purchased a new position in NioCorp Developments during the third quarter valued at $40,000. The Manufacturers Life Insurance Company acquired a new stake in NioCorp Developments in the 2nd quarter worth about $46,000. Legal & General Group Plc increased its stake in NioCorp Developments by 31.6% during the 3rd quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock worth $51,000 after buying an additional 1,822 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of NioCorp Developments by 48,003.9% in the second quarter. JPMorgan Chase & Co. now owns 24,533 shares of the company’s stock valued at $57,000 after acquiring an additional 24,482 shares in the last quarter. Finally, Creative Planning acquired a new stake in shares of NioCorp Developments in the second quarter worth approximately $57,000. 4.03% of the stock is owned by institutional investors and hedge funds.

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.