NioCorp Developments (NASDAQ:NB) Shares Gap Down – Here’s Why

NioCorp Developments Ltd. (NASDAQ:NB) gapped down before the market opened on Thursday . The stock had previously closed at $7.30, but opened at $6.81. NioCorp Developments shares last traded at $5.8960, with a volume of 6,142,246 shares.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Loop Capital set a $8.70 target price on shares of NioCorp Developments in a research report on Wednesday, January 7th. HC Wainwright boosted their price objective on NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday, January 22nd. Finally, William Blair began coverage on NioCorp Developments in a research report on Monday, October 20th. They issued an “outperform” rating on the stock. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, NioCorp Developments presently has a consensus rating of “Moderate Buy” and an average price target of $8.32.

NioCorp Developments Trading Down 10.3%

The company has a market cap of $781.45 million, a price-to-earnings ratio of -8.17 and a beta of -0.14. The company has a fifty day moving average price of $6.19 and a two-hundred day moving average price of $5.87.

NioCorp Developments (NASDAQ:NB) last posted its earnings results on Thursday, September 11th. The company reported ($0.19) earnings per share for the quarter. Sell-side analysts anticipate that NioCorp Developments Ltd. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC acquired a new stake in shares of NioCorp Developments in the 2nd quarter valued at $25,000. KPP Advisory Services LLC acquired a new position in NioCorp Developments in the second quarter valued at about $25,000. Wealth Enhancement Advisory Services LLC bought a new stake in NioCorp Developments during the second quarter worth about $27,000. Police & Firemen s Retirement System of New Jersey bought a new position in shares of NioCorp Developments in the second quarter valued at approximately $30,000. Finally, Global Retirement Partners LLC acquired a new position in shares of NioCorp Developments in the 3rd quarter worth approximately $31,000. 4.03% of the stock is owned by 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.