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

NioCorp Developments Ltd. (NASDAQ:NB) was the recipient of a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 710,800 shares, a drop of 15.9% from the June 30th total of 845,100 shares. Based on an average trading volume of 113,100 shares, the days-to-cover ratio is currently 6.3 days. Currently, 2.2% of the shares of the stock are sold short.

NioCorp Developments Stock Down 2.3 %

NB opened at $1.69 on Monday. The business’s fifty day simple moving average is $1.98 and its 200 day simple moving average is $2.44. NioCorp Developments has a 52 week low of $1.62 and a 52 week high of $5.20. The stock has a market cap of $62.68 million, a PE ratio of -4.57 and a beta of -0.35.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.11) EPS for the quarter. As a group, equities analysts anticipate that NioCorp Developments will post -0.35 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, HC Wainwright dropped their target price on shares of NioCorp Developments from $12.00 to $8.50 and set a “buy” rating for the company in a research report on Wednesday, May 22nd.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in NB. Vanguard Group Inc. grew its stake in shares of NioCorp Developments by 529.0% during the first quarter. Vanguard Group Inc. now owns 734,425 shares of the company’s stock valued at $1,998,000 after buying an additional 617,664 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in NioCorp Developments during the 4th quarter worth approximately $46,000. SG Americas Securities LLC bought a new position in NioCorp Developments during the 4th quarter worth approximately $41,000. Finally, Pitcairn Co. purchased a new position in NioCorp Developments in the 1st quarter worth approximately $29,000. 4.03% of the stock is 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.