NioCorp Developments (NASDAQ:NB) Issues Earnings Results

NioCorp Developments (NASDAQ:NB) posted its quarterly earnings data on Thursday. The company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02), Zacks reports.

NioCorp Developments Trading Down 6.8%

NASDAQ:NB traded down $0.40 during mid-day trading on Friday, hitting $5.46. The stock had a trading volume of 4,039,881 shares, compared to its average volume of 4,561,928. The stock has a 50-day simple moving average of $5.25 and a two-hundred day simple moving average of $5.83. The company has a market capitalization of $779.31 million, a PE ratio of -8.03 and a beta of 0.23. NioCorp Developments has a twelve month low of $2.17 and a twelve month high of $12.58.

Institutional Trading of NioCorp Developments

Several hedge funds have recently added to or reduced their stakes in NB. Virtu Financial LLC raised its holdings in NioCorp Developments by 324.0% during the fourth quarter. Virtu Financial LLC now owns 84,133 shares of the company’s stock worth $446,000 after purchasing an additional 64,290 shares in the last quarter. Invesco Ltd. raised its holdings in NioCorp Developments by 127.2% during the fourth quarter. Invesco Ltd. now owns 65,295 shares of the company’s stock worth $346,000 after purchasing an additional 36,555 shares in the last quarter. EP Wealth Advisors LLC acquired a new stake in NioCorp Developments during the fourth quarter worth approximately $114,000. NewEdge Advisors LLC raised its holdings in NioCorp Developments by 11.6% during the fourth quarter. NewEdge Advisors LLC now owns 37,873 shares of the company’s stock worth $201,000 after purchasing an additional 3,942 shares in the last quarter. Finally, XTX Topco Ltd raised its holdings in NioCorp Developments by 101.4% during the fourth quarter. XTX Topco Ltd now owns 56,411 shares of the company’s stock worth $299,000 after purchasing an additional 28,401 shares in the last quarter. Institutional investors and hedge funds own 4.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on NB shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Tuesday, April 21st. Zacks Research raised shares of NioCorp Developments from a “hold” rating to a “strong-buy” rating in a report on Monday, April 13th. Finally, HC Wainwright dropped their target price on shares of NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, NioCorp Developments has a consensus rating of “Moderate Buy” and a consensus target price of $7.90.

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.