NioCorp Developments Ltd. (NASDAQ:NB) Sees Significant Decline in Short Interest

NioCorp Developments Ltd. (NASDAQ:NB) was the target of a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 746,300 shares, a decline of 20.9% from the February 13th total of 943,800 shares. Based on an average daily volume of 281,700 shares, the short-interest ratio is currently 2.6 days. Approximately 1.8% of the company’s shares are short sold.

Analyst Ratings Changes

A number of analysts have recently weighed in on NB shares. Maxim Group initiated coverage on NioCorp Developments in a research note on Wednesday, January 8th. They set a “buy” rating and a $4.00 price objective for the company. HC Wainwright lowered their price objective on shares of NioCorp Developments from $8.50 to $3.25 and set a “buy” rating for the company in a research note on Monday, January 13th.

NioCorp Developments Stock Down 8.6 %

Shares of NASDAQ:NB traded down $0.17 during midday trading on Tuesday, reaching $1.81. The company’s stock had a trading volume of 233,544 shares, compared to its average volume of 162,646. NioCorp Developments has a 12-month low of $1.27 and a 12-month high of $4.00. The firm has a 50 day moving average of $2.04 and a 200-day moving average of $1.77. The firm has a market capitalization of $84.74 million, a P/E ratio of -2.35 and a beta of -0.32.

NioCorp Developments (NASDAQ:NB) last announced its earnings results on Tuesday, February 11th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. On average, research analysts predict that NioCorp Developments will post -0.34 EPS for the current year.

Institutional Inflows and Outflows

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

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.