NioCorp Developments Ltd. (NASDAQ:NB) Sees Significant Decline in Short Interest

NioCorp Developments Ltd. (NASDAQ:NB) was the recipient of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 746,300 shares, a drop of 20.9% from the February 13th total of 943,800 shares. Currently, 1.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 281,700 shares, the short-interest ratio is presently 2.6 days.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NB. Virtu Financial LLC purchased a new stake in shares of NioCorp Developments during the third quarter valued at $29,000. Jane Street Group LLC purchased a new stake in shares of NioCorp Developments during the fourth quarter valued at $359,000. Finally, Northern Trust Corp purchased a new stake in shares of NioCorp Developments during the fourth quarter valued at $980,000. Institutional investors own 4.03% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on NB. Maxim Group began coverage on shares of NioCorp Developments in a research report on Wednesday, January 8th. They issued a “buy” rating and a $4.00 price target on the stock. HC Wainwright reduced their price target on shares of NioCorp Developments from $8.50 to $3.25 and set a “buy” rating on the stock in a research report on Monday, January 13th.

NioCorp Developments Stock Performance

NB stock traded down $0.05 during mid-day trading on Wednesday, reaching $1.76. 138,610 shares of the stock traded hands, compared to its average volume of 162,869. NioCorp Developments has a one year low of $1.27 and a one year high of $4.00. The stock has a market capitalization of $82.40 million, a PE ratio of -2.29 and a beta of -0.32. The business has a 50-day moving average price of $2.04 and a two-hundred day moving average price of $1.77.

NioCorp Developments (NASDAQ:NB) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. On average, equities analysts expect that NioCorp Developments will post -0.34 earnings per share for the current fiscal year.

NioCorp Developments Company Profile

NioCorp Developments Ltd. engages in the exploration and development of mineral deposits in North America. It owns and develops the Elk Creek niobium/scandium/titanium project that owns one 226.43-acre parcel of land and associated mineral rights, and an additional 40 acres of mineral rights, as well as an optioned land package that covers an area of 1,396 acres located in Johnson County, southeast Nebraska.