NioCorp Developments Ltd. (NASDAQ:NB) Receives Consensus Recommendation of “Hold” from Brokerages

NioCorp Developments Ltd. (NASDAQ:NB) has been assigned an average recommendation of “Hold” from the five research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $10.2333.

NB has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. Wall Street Zen cut NioCorp Developments from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research note on Friday, July 17th. Zacks Research cut NioCorp Developments from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Finally, B. Riley Financial assumed coverage on NioCorp Developments in a research note on Tuesday, June 9th. They issued a “buy” rating and a $12.00 price target for the company.

Hedge Funds Weigh In On NioCorp Developments

Several hedge funds have recently modified their holdings of NB. Legal & General Group Plc lifted its stake in NioCorp Developments by 31.6% in the 3rd quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock worth $51,000 after purchasing an additional 1,822 shares in the last quarter. CWM LLC grew its position in shares of NioCorp Developments by 24.9% during the fourth quarter. CWM LLC now owns 11,127 shares of the company’s stock valued at $59,000 after purchasing an additional 2,215 shares in the last quarter. Royal Bank of Canada grew its position in shares of NioCorp Developments by 24.9% during the fourth quarter. Royal Bank of Canada now owns 11,272 shares of the company’s stock valued at $61,000 after purchasing an additional 2,244 shares in the last quarter. Allen Capital Group LLC increased its holdings in shares of NioCorp Developments by 15.8% in the first quarter. Allen Capital Group LLC now owns 19,718 shares of the company’s stock worth $88,000 after purchasing an additional 2,690 shares during the last quarter. Finally, Keybank National Association OH increased its holdings in shares of NioCorp Developments by 22.8% in the first quarter. Keybank National Association OH now owns 15,963 shares of the company’s stock worth $71,000 after purchasing an additional 2,963 shares during the last quarter. Hedge funds and other institutional investors own 4.03% of the company’s stock.

NioCorp Developments Stock Performance

NB opened at $4.46 on Tuesday. The stock has a market cap of $649.33 million, a price-to-earnings ratio of -6.56 and a beta of 0.26. The firm’s fifty day moving average is $4.89 and its 200 day moving average is $5.35. NioCorp Developments has a fifty-two week low of $3.21 and a fifty-two week high of $12.58.

NioCorp Developments (NASDAQ:NB) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). On average, equities research analysts predict that NioCorp Developments will post -0.46 earnings per share for the current 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.