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

NioCorp Developments Ltd. (NASDAQ:NB) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 1,020,000 shares, a growth of 36.7% from the February 28th total of 746,300 shares. Approximately 2.6% of the company’s shares are short sold. Based on an average trading volume of 285,800 shares, the short-interest ratio is presently 3.6 days.

NioCorp Developments Price Performance

NioCorp Developments stock opened at $2.04 on Wednesday. NioCorp Developments has a 12-month low of $1.27 and a 12-month high of $4.00. The company has a market capitalization of $95.51 million, a price-to-earnings ratio of -2.65 and a beta of -0.32. The firm’s fifty day moving average price is $2.12 and its 200 day moving average price is $1.79.

NioCorp Developments (NASDAQ:NB) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.02. Analysts forecast that NioCorp Developments will post -0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Maxim Group initiated coverage on NioCorp Developments in a research report on Wednesday, January 8th. They issued a “buy” rating and a $4.00 price objective on the stock. HC Wainwright reduced their price target on NioCorp Developments from $8.50 to $3.25 and set a “buy” rating on the stock in a research report on Monday, January 13th.

Hedge Funds Weigh In On NioCorp Developments

Several institutional investors and hedge funds have recently made changes to their positions in NB. Virtu Financial LLC acquired a new stake in NioCorp Developments in the third quarter valued at $29,000. Jane Street Group LLC bought a new stake in shares of NioCorp Developments in the 4th quarter worth about $359,000. Finally, Northern Trust Corp acquired a new stake in shares of NioCorp Developments in the 4th quarter valued at about $980,000. 4.03% of the stock is currently owned by hedge funds and other 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.