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

NioCorp Developments Ltd. (NASDAQ:NB) saw a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 746,300 shares, a decrease 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 stock are sold short.

Institutional Investors Weigh In On NioCorp Developments

Institutional investors have recently modified their holdings of the business. Northern Trust Corp purchased a new position in shares of NioCorp Developments in the fourth quarter worth approximately $980,000. Jane Street Group LLC purchased a new position in shares of NioCorp Developments in the fourth quarter worth approximately $359,000. Finally, Virtu Financial LLC boosted its holdings in shares of NioCorp Developments by 158.0% in the fourth quarter. Virtu Financial LLC now owns 34,355 shares of the company’s stock worth $53,000 after buying an additional 21,038 shares during the last quarter. 4.03% of the stock is owned by hedge funds and other institutional investors.

NioCorp Developments Stock Down 2.8 %

Shares of NASDAQ NB traded down $0.05 during trading on Wednesday, reaching $1.76. The company had a trading volume of 138,610 shares, compared to its average volume of 162,869. NioCorp Developments has a 12-month low of $1.27 and a 12-month high of $4.00. The stock has a market cap of $82.40 million, a PE ratio of -2.29 and a beta of -0.32. The business’s 50-day moving average is $2.04 and its 200 day moving average is $1.77.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NB. HC Wainwright cut their target price on NioCorp Developments from $8.50 to $3.25 and set a “buy” rating on the stock in a research note on Monday, January 13th. Maxim Group began coverage on NioCorp Developments in a research note on Wednesday, January 8th. They issued a “buy” rating and a $4.00 target price on the stock.

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.