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

NioCorp Developments Ltd. (NASDAQ:NB) was the recipient of a significant decrease in short interest during 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 days-to-cover ratio is presently 2.6 days. Currently, 1.8% of the company’s stock are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NB. Virtu Financial LLC purchased a new position in NioCorp Developments during the third quarter worth about $29,000. Jane Street Group LLC bought a new stake in NioCorp Developments during the fourth quarter valued at approximately $359,000. Finally, Northern Trust Corp purchased a new position in NioCorp Developments in the 4th quarter worth approximately $980,000. Institutional investors own 4.03% of the company’s stock.

Analyst Upgrades and Downgrades

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

NioCorp Developments Price Performance

NB stock traded down $0.17 during mid-day trading on Tuesday, reaching $1.81. 233,544 shares of the company traded hands, compared to its average volume of 162,646. The company has a fifty day moving average price of $2.04 and a 200-day moving average price of $1.77. NioCorp Developments has a 52-week low of $1.27 and a 52-week high of $4.00. The company has a market capitalization of $84.74 million, a P/E ratio of -2.35 and a beta of -0.32.

NioCorp Developments (NASDAQ:NB) last issued 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. As a group, analysts forecast that NioCorp Developments will post -0.34 EPS for the current year.

NioCorp Developments Company Profile

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.