NioCorp Developments Ltd. (NASDAQ:NB) Short Interest Update

NioCorp Developments Ltd. (NASDAQ:NB) was the target of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 746,300 shares, a drop of 20.9% from the February 13th total of 943,800 shares. Based on an average daily trading volume, of 281,700 shares, the short-interest ratio is presently 2.6 days. Approximately 1.8% of the shares of the company are short sold.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp purchased a new stake in shares of NioCorp Developments in the 4th quarter worth about $980,000. Jane Street Group LLC purchased a new stake in shares of NioCorp Developments in the 4th quarter worth about $359,000. Finally, Virtu Financial LLC grew its position in shares of NioCorp Developments by 158.0% in the 4th 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 period. 4.03% of the stock is owned by hedge funds and other institutional investors.

NioCorp Developments Stock Up 7.4 %

NASDAQ:NB traded up $0.14 during mid-day trading on Monday, hitting $1.96. 177,973 shares of the stock traded hands, compared to its average volume of 161,741. The business’s 50-day moving average price is $2.02 and its 200 day moving average price is $1.77. The company has a market cap of $91.53 million, a PE ratio of -2.51 and a beta of -0.32. NioCorp Developments has a 12-month low of $1.27 and a 12-month high of $4.00.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Analysts anticipate that NioCorp Developments will post -0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.