NioCorp Developments (NASDAQ:NB) Shares Gap Up – Here’s Why

NioCorp Developments Ltd. (NASDAQ:NB)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $7.28, but opened at $7.95. NioCorp Developments shares last traded at $7.6740, with a volume of 3,426,918 shares.

Wall Street Analyst Weigh In

Several analysts have issued reports on NB shares. HC Wainwright increased their target price on NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a research report on Tuesday, January 13th. William Blair began coverage on NioCorp Developments in a research report on Monday, October 20th. They set an “outperform” rating on the stock. Loop Capital set a $8.70 target price on NioCorp Developments in a research note on Wednesday, January 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $8.32.

NioCorp Developments Trading Up 6.7%

The firm has a 50-day moving average of $6.07 and a 200-day moving average of $5.72. The stock has a market capitalization of $927.43 million, a price-to-earnings ratio of -9.50 and a beta of -0.14.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Thursday, September 11th. The company reported ($0.19) earnings per share (EPS) for the quarter. On average, equities research analysts anticipate that NioCorp Developments Ltd. will post -0.34 EPS for the current year.

Institutional Investors Weigh In On NioCorp Developments

Several hedge funds have recently added to or reduced their stakes in the business. Greenberg Financial Group purchased a new position in shares of NioCorp Developments during the 4th quarter valued at about $187,000. Rathbones Group PLC boosted its stake in shares of NioCorp Developments by 22.7% in the fourth quarter. Rathbones Group PLC now owns 54,050 shares of the company’s stock worth $286,000 after buying an additional 10,000 shares during the last quarter. Foster Group Inc. acquired a new stake in NioCorp Developments during the fourth quarter worth about $169,000. SG Americas Securities LLC acquired a new stake in NioCorp Developments during the fourth quarter worth about $85,000. Finally, JPMorgan Chase & Co. lifted its holdings in NioCorp Developments by 17.5% in the third quarter. JPMorgan Chase & Co. now owns 28,831 shares of the company’s stock valued at $193,000 after acquiring an additional 4,298 shares during the period. 4.03% of the stock is owned by hedge funds and other institutional investors.

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.