NioCorp Developments (NASDAQ:NB) Shares Down 6.5% – Should You Sell?

NioCorp Developments Ltd. (NASDAQ:NB) traded down 6.5% during trading on Monday . The stock traded as low as $4.77 and last traded at $4.78. Approximately 1,987,405 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 4,439,616 shares. The stock had previously closed at $5.11.

Wall Street Analyst Weigh In

NB has been the topic of several research analyst reports. B. Riley Financial assumed coverage on shares of NioCorp Developments in a research report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Friday, July 17th. Zacks Research cut NioCorp Developments from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. HC Wainwright reaffirmed a “buy” rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Finally, Wall Street Zen cut NioCorp Developments from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $10.23.

NioCorp Developments Stock Performance

The firm has a market cap of $659.52 million, a price-to-earnings ratio of -6.66 and a beta of 0.26. The company has a 50 day moving average price of $4.76 and a 200 day moving average price of $5.21.

Institutional Investors Weigh In On NioCorp Developments

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in shares of NioCorp Developments by 2,376.5% in the 2nd quarter. Geode Capital Management LLC now owns 644,182 shares of the company’s stock worth $1,501,000 after acquiring an additional 618,170 shares during the last quarter. Creative Planning purchased a new stake in NioCorp Developments in the second quarter valued at approximately $57,000. JPMorgan Chase & Co. lifted its stake in NioCorp Developments by 48,003.9% during the second quarter. JPMorgan Chase & Co. now owns 24,533 shares of the company’s stock worth $57,000 after purchasing an additional 24,482 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of NioCorp Developments during the second quarter worth $75,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of NioCorp Developments in the second quarter valued at $85,000. 4.03% of the stock is owned by hedge funds and other 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.