Short Interest in NioCorp Developments Ltd. (NASDAQ:NB) Rises By 24.6%

NioCorp Developments Ltd. (NASDAQ:NB) saw a large growth in short interest in the month of February. As of February 15th, there was short interest totalling 943,800 shares, a growth of 24.6% from the January 31st total of 757,700 shares. Currently, 2.4% of the company’s shares are sold short. Based on an average daily trading volume, of 241,000 shares, the short-interest ratio is currently 3.9 days.

Wall Street Analyst Weigh In

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

Institutional Trading of NioCorp Developments

Several institutional investors and hedge funds have recently added to or reduced their stakes in NB. Virtu Financial LLC bought a new position in NioCorp Developments in the 3rd quarter valued at about $29,000. Jane Street Group LLC bought a new position in NioCorp Developments in the 4th quarter valued at approximately $359,000. Finally, Northern Trust Corp acquired a new position in NioCorp Developments during the 4th quarter worth about $980,000. 4.03% of the stock is owned by institutional investors.

NioCorp Developments Stock Performance

NioCorp Developments stock traded down $0.09 during mid-day trading on Friday, reaching $2.15. The company’s stock had a trading volume of 365,280 shares, compared to its average volume of 157,606. The business’s 50 day simple moving average is $1.97 and its 200 day simple moving average is $1.78. NioCorp Developments has a 12 month low of $1.27 and a 12 month high of $4.00. The company has a market capitalization of $100.66 million, a price-to-earnings ratio of -2.76 and a beta of -0.31.

NioCorp Developments (NASDAQ:NB) last released its earnings results on Tuesday, February 11th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. As a group, sell-side analysts expect that NioCorp Developments will post -0.34 EPS for the current 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.