NioCorp Developments (NASDAQ:NB) Shares Gap Down – What’s Next?

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $6.53, but opened at $6.01. NioCorp Developments shares last traded at $6.4950, with a volume of 8,238,924 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NB. Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a report on Wednesday, October 8th. William Blair began coverage on NioCorp Developments in a report on Monday, October 20th. They issued an “outperform” rating on the stock. HC Wainwright raised their price target on NioCorp Developments from $4.00 to $8.25 and gave the company a “buy” rating in a report on Monday, September 22nd. Finally, Maxim Group raised their price target on NioCorp Developments from $4.00 to $5.00 and gave the company a “buy” rating in a report on Friday, July 11th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.63.

NioCorp Developments Price Performance

The firm has a 50 day simple moving average of $6.93 and a two-hundred day simple moving average of $4.37. The stock has a market cap of $458.78 million, a price-to-earnings ratio of -17.35 and a beta of -0.17.

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

Institutional Trading of NioCorp Developments

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. bought a new stake in NioCorp Developments during the third quarter worth about $176,000. Jones Financial Companies Lllp raised its holdings in NioCorp Developments by 131.9% during the third quarter. Jones Financial Companies Lllp now owns 7,183 shares of the company’s stock worth $49,000 after acquiring an additional 4,085 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in NioCorp Developments during the third quarter worth about $162,000. Truist Financial Corp bought a new stake in NioCorp Developments during the third quarter worth about $67,000. Finally, Harfst & Associates Inc. acquired a new position in NioCorp Developments during the third quarter worth approximately $700,000. Institutional investors own 4.03% of the company’s stock.

About NioCorp Developments

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.