NioCorp Developments (NASDAQ:NB) Shares Gap Up – Should You Buy?

NioCorp Developments Ltd. (NASDAQ:NB)’s share price gapped up before the market opened on Monday . The stock had previously closed at $5.90, but opened at $6.26. NioCorp Developments shares last traded at $6.38, with a volume of 2,306,106 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. William Blair began coverage on NioCorp Developments in a report on Monday, October 20th. They issued an “outperform” rating for the company. HC Wainwright increased their target price on shares of NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday, January 22nd. Finally, Loop Capital set a $8.70 price objective on shares of NioCorp Developments in a report on Wednesday, January 7th. 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 MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $8.32.

NioCorp Developments Price Performance

The stock has a market cap of $752.57 million, a price-to-earnings ratio of -7.66 and a beta of -0.14. The company’s fifty day simple moving average is $6.23 and its two-hundred day simple moving average is $5.91.

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

Institutional Investors Weigh In On NioCorp Developments

Several institutional investors have recently bought and sold shares of the stock. Alyeska Investment Group L.P. raised its position in NioCorp Developments by 67.0% in the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock valued at $18,711,000 after buying an additional 1,123,863 shares during the last quarter. Private Management Group Inc. bought a new stake in shares of NioCorp Developments in the 2nd quarter worth $4,890,000. HITE Hedge Asset Management LLC purchased a new stake in shares of NioCorp Developments in the third quarter valued at about $9,770,000. Brevan Howard Capital Management LP bought a new position in shares of NioCorp Developments during the third quarter valued at about $9,690,000. Finally, Marshall Wace LLP boosted its holdings in NioCorp Developments by 623.5% during the third quarter. Marshall Wace LLP now owns 1,156,057 shares of the company’s stock worth $7,722,000 after purchasing an additional 996,267 shares during the last quarter. 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.