NioCorp Developments (NASDAQ:NB) Shares Up 5.3% – Still a Buy?

NioCorp Developments Ltd. (NASDAQ:NB)’s share price was up 5.3% during mid-day trading on Wednesday. The company traded as high as $3.69 and last traded at $3.6750. 393,139 shares were traded during trading, a decline of 90% from the average daily volume of 4,128,749 shares. The stock had previously closed at $3.49.

Wall Street Analysts Forecast Growth

NB has been the subject of a number of recent research reports. Jefferies Financial Group began coverage on shares of NioCorp Developments in a research note on Wednesday, September 2nd. They issued a “hold” rating and a $4.70 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating on shares of NioCorp Developments in a report on Wednesday, July 15th. B. Riley Financial initiated coverage on NioCorp Developments in a research report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Wall Street Zen cut NioCorp Developments from a “sell” rating to a “strong sell” rating in a research note on Saturday. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, NioCorp Developments currently has a consensus rating of “Hold” and an average target price of $8.85.

NioCorp Developments Price Performance

The company has a market capitalization of $526.30 million, a P/E ratio of -6.69 and a beta of 0.25. The business has a 50-day moving average of $4.25 and a 200-day moving average of $4.85.

NioCorp Developments (NASDAQ:NB) last issued its quarterly earnings results on Friday, September 25th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02. Sell-side analysts predict that NioCorp Developments Ltd. will post -0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

Large investors have recently bought and sold shares of the business. Deltroit Asset Management UK LLP purchased a new position in NioCorp Developments in the 4th quarter worth about $5,677,000. Bank of New York Mellon Corp purchased a new stake in NioCorp Developments in the 2nd quarter valued at about $1,988,000. Gratia Capital LLC bought a new position in NioCorp Developments in the 2nd quarter worth about $1,976,000. Quantinno Capital Management LP bought a new position in NioCorp Developments in the 1st quarter worth about $694,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of NioCorp Developments during the first quarter worth approximately $535,000. Hedge funds and other institutional investors own 4.03% of the company’s stock.

About NioCorp Developments

NioCorp Developments Ltd. (NASDAQ:NB) is a development-stage critical minerals company focused on advancing the Elk Creek Project in southeastern Nebraska. The company is evaluating the development of a domestic source of niobium, scandium and titanium, along with certain rare earth elements, including neodymium, praseodymium, dysprosium and terbium.

The proposed Elk Creek operation is designed to process mineralized material into products that could support industries such as transportation, aerospace, defense, electronics and clean energy.