NioCorp Developments (NASDAQ:NB) Hits New 52-Week Low – What’s Next?

NioCorp Developments Ltd. (NASDAQ:NB) reached a new 52-week low on Thursday . The stock traded as low as $3.80 and last traded at $3.81, with a volume of 3434476 shares changing hands. The stock had previously closed at $4.04.

Analyst Ratings Changes

NB has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research report on Friday, July 17th. Zacks Research cut shares of NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Jefferies Financial Group started coverage on shares of NioCorp Developments in a research note on Wednesday, September 2nd. They issued a “hold” rating and a $4.70 price objective for the company. HC Wainwright reaffirmed a “buy” rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Finally, B. Riley Financial started coverage on NioCorp Developments in a research report on Tuesday, June 9th. They set a “buy” rating and a $12.00 target price on the stock. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, NioCorp Developments presently has a consensus rating of “Hold” and a consensus target price of $8.85.

NioCorp Developments Price Performance

The firm has a market capitalization of $554.70 million, a PE ratio of -5.60 and a beta of 0.25. The business’s 50-day moving average price is $4.52 and its 200-day moving average price is $5.01.

Hedge Funds Weigh In On NioCorp Developments

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in NioCorp Developments by 2,376.5% in the 2nd quarter. Geode Capital Management LLC now owns 644,182 shares of the company’s stock valued at $1,501,000 after acquiring an additional 618,170 shares during the period. Creative Planning purchased a new position in shares of NioCorp Developments in the 2nd quarter valued at approximately $57,000. JPMorgan Chase & Co. grew its stake in shares of NioCorp Developments by 48,003.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 24,533 shares of the company’s stock valued at $57,000 after purchasing an additional 24,482 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of NioCorp Developments in the second quarter valued at approximately $75,000. Finally, New York State Common Retirement Fund purchased a new position in NioCorp Developments in the 2nd quarter valued at $85,000. Hedge funds and other institutional investors own 4.03% of the company’s stock.

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.