HITE Hedge Asset Management LLC decreased its position in NioCorp Developments Ltd. (NASDAQ:NB – Free Report) by 56.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 634,906 shares of the company’s stock after selling 827,701 shares during the period. HITE Hedge Asset Management LLC owned approximately 0.52% of NioCorp Developments worth $3,365,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Legal & General Group Plc grew its holdings in shares of NioCorp Developments by 31.6% in the 3rd quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock valued at $51,000 after buying an additional 1,822 shares during the period. CWM LLC grew its holdings in shares of NioCorp Developments by 24.9% in the 4th quarter. CWM LLC now owns 11,127 shares of the company’s stock valued at $59,000 after buying an additional 2,215 shares during the period. Pittenger & Anderson Inc. grew its holdings in shares of NioCorp Developments by 74.6% in the 4th quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company’s stock valued at $41,000 after buying an additional 3,275 shares during the period. Jones Financial Companies Lllp boosted its stake in NioCorp Developments by 131.9% in the 3rd quarter. Jones Financial Companies Lllp now owns 7,183 shares of the company’s stock worth $49,000 after purchasing an additional 4,085 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in NioCorp Developments by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,831 shares of the company’s stock worth $193,000 after purchasing an additional 4,298 shares during the period. Institutional investors and hedge funds own 4.03% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on NB shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Tuesday, April 21st. Zacks Research lowered shares of NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Wall Street Zen raised shares of NioCorp Developments from a “sell” rating to a “hold” rating in a research note on Saturday. HC Wainwright reduced their target price on shares of NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a research note on Thursday, April 9th. Finally, B. Riley Financial started coverage on shares of NioCorp Developments in a research note on Tuesday. They issued a “buy” rating and a $12.00 target price for the company. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, NioCorp Developments has an average rating of “Moderate Buy” and a consensus target price of $8.93.
NioCorp Developments Trading Down 0.4%
Shares of NASDAQ NB opened at $5.40 on Friday. The firm has a market cap of $786.19 million, a PE ratio of -7.94 and a beta of 0.21. NioCorp Developments Ltd. has a 1-year low of $2.17 and a 1-year high of $12.58. The company has a fifty day moving average price of $5.57 and a 200 day moving average price of $5.71.
NioCorp Developments (NASDAQ:NB – Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). Equities research analysts forecast that NioCorp Developments Ltd. will post -0.48 EPS for the current year.
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.
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