NioCorp Developments Ltd. (NASDAQ:NB) Receives Average Rating of “Moderate Buy” from Analysts

NioCorp Developments Ltd. (NASDAQ:NB) has received a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $8.9250.

Several brokerages have recently commented on NB. HC Wainwright reduced their price target on shares of NioCorp Developments from $11.25 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, April 9th. Zacks Research cut shares of NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of NioCorp Developments from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. Finally, B. Riley Financial began coverage on shares of NioCorp Developments in a research note on Tuesday, June 9th. They set a “buy” rating and a $12.00 price objective on the stock.

NioCorp Developments Stock Performance

Shares of NB stock opened at $5.31 on Monday. NioCorp Developments has a one year low of $2.17 and a one year high of $12.58. The company’s 50-day simple moving average is $5.62 and its 200-day simple moving average is $5.69. The stock has a market capitalization of $773.08 million, a price-to-earnings ratio of -7.81 and a beta of 0.21.

NioCorp Developments (NASDAQ:NB) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.02) EPS for the quarter, hitting the consensus estimate of ($0.02). As a group, research analysts forecast that NioCorp Developments will post -0.48 EPS for the current year.

Institutional Investors Weigh In On NioCorp Developments

Several institutional investors and hedge funds have recently bought and sold shares of the business. Alyeska Investment Group L.P. raised its stake in NioCorp Developments by 67.0% during the third 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 period. Private Management Group Inc. grew its position in shares of NioCorp Developments by 2.2% during the fourth quarter. Private Management Group Inc. now owns 2,145,364 shares of the company’s stock worth $11,370,000 after acquiring an additional 46,801 shares during the last quarter. State Street Corp increased its holdings in shares of NioCorp Developments by 67.9% in the 4th quarter. State Street Corp now owns 1,768,356 shares of the company’s stock worth $9,372,000 after acquiring an additional 715,288 shares during the period. HITE Hedge Asset Management LLC acquired a new stake in shares of NioCorp Developments in the 3rd quarter worth about $9,770,000. Finally, Brevan Howard Capital Management LP bought a new stake in NioCorp Developments in the 3rd quarter valued at about $9,690,000. Institutional investors and hedge funds own 4.03% of the company’s stock.

NioCorp Developments Company Profile

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.