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

NioCorp Developments Ltd. (NASDAQ:NB) saw a significant growth in short interest during the month of 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. Currently, 2.6% of the shares of the company are short sold. Based on an average daily volume of 285,800 shares, the days-to-cover ratio is currently 3.6 days.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC purchased a new position in shares of NioCorp Developments during the 3rd quarter valued at $29,000. Jane Street Group LLC bought a new stake in NioCorp Developments during the fourth quarter valued at about $359,000. Finally, Northern Trust Corp purchased a new position in shares of NioCorp Developments in the fourth quarter valued at about $980,000. Institutional investors own 4.03% of the company’s stock.

NioCorp Developments Trading Up 3.6 %

NASDAQ NB traded up $0.07 during trading hours on Tuesday, hitting $2.04. 98,218 shares of the company’s stock traded hands, compared to its average volume of 170,802. NioCorp Developments has a 52 week low of $1.27 and a 52 week high of $4.00. The firm has a market capitalization of $95.51 million, a P/E ratio of -2.65 and a beta of -0.32. The business’s fifty day moving average price is $2.12 and its two-hundred day moving average price is $1.79.

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

Analysts Set New Price Targets

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

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.