NioCorp Developments (NASDAQ:NB) Stock Price Up 7.8% – Should You Buy?

NioCorp Developments Ltd. (NASDAQ:NB) traded up 7.8% during mid-day trading on Tuesday . The company traded as high as $4.84 and last traded at $4.9280. 791,348 shares traded hands during trading, a decline of 83% from the average session volume of 4,696,049 shares. The stock had previously closed at $4.57.

Wall Street Analysts Forecast Growth

NB has been the subject of a number of analyst reports. Zacks Research downgraded shares of NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research note on Tuesday, April 21st. HC Wainwright lowered their price objective on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a research note on Thursday, April 9th. Wall Street Zen raised NioCorp Developments from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. Finally, B. Riley Financial began coverage on NioCorp Developments in a research note on Tuesday, June 9th. They issued a “buy” rating and a $12.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $8.93.

NioCorp Developments Stock Up 5.8%

The stock has a market cap of $703.93 million, a PE ratio of -7.10 and a beta of 0.22. The stock’s fifty day moving average price is $5.56 and its 200 day moving average price is $5.62.

NioCorp Developments (NASDAQ:NB) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). On average, equities research analysts expect that NioCorp Developments Ltd. will post -0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Allen Capital Group LLC lifted its holdings in shares of NioCorp Developments by 15.8% during the 1st quarter. Allen Capital Group LLC now owns 19,718 shares of the company’s stock valued at $88,000 after buying an additional 2,690 shares during the period. Altshuler Shaham Ltd purchased a new stake in shares of NioCorp Developments during the 1st quarter valued at about $61,000. Talon Private Wealth LLC bought a new position in shares of NioCorp Developments in the 1st quarter worth approximately $53,000. Royal Bank of Canada grew its position in NioCorp Developments by 333.5% during the first quarter. Royal Bank of Canada now owns 48,862 shares of the company’s stock valued at $217,000 after buying an additional 37,590 shares during the period. Finally, Quantinno Capital Management LP purchased a new stake in NioCorp Developments during the first quarter valued at approximately $694,000. 4.03% of the stock is owned by hedge funds and other institutional investors.

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.