NioCorp Developments (NASDAQ:NB) Trading 11.3% Higher – Time to Buy?

Shares of NioCorp Developments Ltd. (NASDAQ:NB) were up 11.3% on Tuesday . The stock traded as high as $6.80 and last traded at $6.8530. Approximately 917,931 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 6,459,726 shares. The stock had previously closed at $6.16.

Analysts Set New Price Targets

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

NioCorp Developments Price Performance

The firm has a market capitalization of $865.59 million, a P/E ratio of -8.58 and a beta of -0.14. The stock’s 50 day moving average is $6.24 and its two-hundred day moving average is $5.94.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Thursday, September 11th. The company reported ($0.19) EPS for the quarter. As a group, equities research analysts expect that NioCorp Developments Ltd. will post -0.34 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NB. ProShare Advisors LLC acquired a new stake in shares of NioCorp Developments during the second quarter worth $25,000. KPP Advisory Services LLC bought a new stake in shares of NioCorp Developments in the second quarter valued at about $25,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of 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 during the second quarter worth about $30,000. Finally, Global Retirement Partners LLC acquired a new stake in NioCorp Developments in the 3rd quarter valued at approximately $31,000. Institutional investors and hedge funds 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.