Analysts Set NioCorp Developments Ltd. (NASDAQ:NB) PT at $8.32

Shares of NioCorp Developments Ltd. (NASDAQ:NB) have been assigned an average recommendation of “Moderate Buy” from the five analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $8.3167.

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Thursday, January 22nd. Zacks Research raised shares of NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 6th. Loop Capital set a $8.70 target price on shares of NioCorp Developments in a research report on Wednesday, January 7th. Finally, HC Wainwright boosted their target price on shares of NioCorp Developments from $9.50 to $11.25 and gave the stock a “buy” rating in a research note on Tuesday, January 13th.

Institutional Investors Weigh In On NioCorp Developments

Hedge funds and other institutional investors have recently bought and sold shares of the company. Private Management Group Inc. acquired a new stake in shares of NioCorp Developments during the second quarter valued at about $4,890,000. HITE Hedge Asset Management LLC bought a new position in NioCorp Developments in the 3rd quarter valued at approximately $9,770,000. Brevan Howard Capital Management LP acquired a new stake in NioCorp Developments during the 3rd quarter worth approximately $9,690,000. Alyeska Investment Group L.P. grew its holdings in NioCorp Developments by 67.0% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock worth $18,711,000 after acquiring an additional 1,123,863 shares during the last quarter. Finally, Deltroit Asset Management UK LLP bought a new stake in NioCorp Developments during the 4th quarter worth approximately $5,677,000. Institutional investors own 4.03% of the company’s stock.

NioCorp Developments Stock Performance

Shares of NB opened at $4.73 on Friday. NioCorp Developments has a 52-week low of $1.67 and a 52-week high of $12.58. The firm has a market cap of $675.11 million, a price-to-earnings ratio of -5.84 and a beta of -0.12. The business’s fifty day moving average is $6.02 and its 200-day moving average is $6.27.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Friday, February 6th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.88) by $0.84. As a group, research analysts forecast that NioCorp Developments will post -0.34 EPS for the current fiscal year.

About NioCorp Developments

NioCorp Developments Ltd is a North American critical minerals development company focused on advancing its flagship Elk Creek Critical Minerals Project in southeastern Nebraska. The company’s primary business activity centers on the exploration, evaluation and development of a polymetallic deposit that hosts significant quantities of niobium, scandium and titanium. Through metallurgical testing and prefeasibility studies, NioCorp aims to produce high-purity ferroniobium, high-purity titanium dioxide slag and scandium oxide for industrial, aerospace and clean-energy applications.

At the heart of NioCorp’s operations is the Elk Creek project, where the company holds surface rights and mineral leases across approximately 7,100 acres of land.