NioCorp Developments (NASDAQ:NB) Reaches New 1-Year Low – Here’s Why

NioCorp Developments Ltd. (NASDAQ:NB) shares hit a new 52-week low on Wednesday . The stock traded as low as $3.51 and last traded at $3.56, with a volume of 2502133 shares trading hands. The stock had previously closed at $3.63.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a report on Friday, July 17th. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Wall Street Zen downgraded NioCorp Developments from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. Jefferies Financial Group started coverage on NioCorp Developments in a research note on Wednesday, September 2nd. They issued a “hold” rating and a $4.70 price target on the stock. Finally, B. Riley Financial began coverage on NioCorp Developments in a report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 price target for the company. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $8.85.

NioCorp Developments Stock Up 4.3%

The company has a market cap of $531.40 million, a PE ratio of -5.37 and a beta of 0.25. The stock’s 50 day simple moving average is $4.40 and its two-hundred day simple moving average is $4.93.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC acquired a new stake in NioCorp Developments during the first quarter worth about $25,000. Maltin Wealth Management Inc. acquired a new position in shares of NioCorp Developments in the 1st quarter valued at about $45,000. Ironwood Wealth Management LLC. purchased a new stake in shares of NioCorp Developments during the 1st quarter worth about $49,000. Talon Private Wealth LLC purchased a new stake in shares of NioCorp Developments during the 1st quarter worth about $53,000. Finally, Brookstone Capital Management acquired a new stake in NioCorp Developments during the 1st quarter worth approximately $56,000. Institutional investors and hedge funds own 4.03% of the company’s stock.

About NioCorp Developments

NioCorp Developments Ltd. (NASDAQ:NB) is a development-stage critical minerals company focused on advancing the Elk Creek Project in southeastern Nebraska. The company is evaluating the development of a domestic source of niobium, scandium and titanium, along with certain rare earth elements, including neodymium, praseodymium, dysprosium and terbium.

The proposed Elk Creek operation is designed to process mineralized material into products that could support industries such as transportation, aerospace, defense, electronics and clean energy.