NioCorp Developments (NASDAQ:NB) Reaches New 1-Year Low – Here’s Why

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $3.80 and last traded at $3.81, with a volume of 3434476 shares trading hands. The stock had previously closed at $4.04.

Analyst Ratings Changes

A number of equities analysts recently commented on NB shares. 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. Wall Street Zen lowered NioCorp Developments from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. HC Wainwright reaffirmed a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. B. Riley Financial initiated coverage on NioCorp Developments in a report on Tuesday, June 9th. They set a “buy” rating and a $12.00 price target on the stock. Finally, Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $8.85.

NioCorp Developments Stock Performance

The business’s 50-day simple moving average is $4.48 and its 200-day simple moving average is $4.99. The company has a market cap of $554.70 million, a PE ratio of -5.60 and a beta of 0.25.

Institutional Trading of NioCorp Developments

A number of institutional investors have recently bought and sold shares of the company. Sound Income Strategies LLC acquired a new position in NioCorp Developments in the 1st quarter worth about $25,000. Russell Investments Group Ltd. acquired a new stake in shares of NioCorp Developments during the 3rd quarter valued at about $40,000. Maltin Wealth Management Inc. acquired a new stake in shares of NioCorp Developments during the 1st quarter valued at about $45,000. The Manufacturers Life Insurance Company bought a new stake in shares of NioCorp Developments in the 2nd quarter valued at approximately $46,000. Finally, Ironwood Wealth Management LLC. bought a new stake in shares of NioCorp Developments in the 1st quarter valued at approximately $49,000. Institutional investors and hedge funds own 4.03% of the company’s stock.

About NioCorp Developments

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.