NioCorp Developments Ltd. (NASDAQ:NB) Stock Has Average Target Price of $8.85

Shares of NioCorp Developments Ltd. (NASDAQ:NB) have been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $8.85.

Several brokerages have recently weighed in on NB. Texas Capital raised NioCorp Developments to a “strong-buy” rating in a research note on Tuesday, October 20th. HC Wainwright restated a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday, October 15th. Jefferies Financial Group started coverage on NioCorp Developments in a report on Wednesday, September 2nd. They issued a “hold” rating and a $4.70 target price on the stock. Finally, Wall Street Zen cut NioCorp Developments from a “sell” rating to a “strong sell” rating in a report on Saturday, November 7th.

NioCorp Developments Stock Performance

NASDAQ NB opened at $2.92 on Thursday. NioCorp Developments has a twelve month low of $2.59 and a twelve month high of $8.18. The stock has a fifty day simple moving average of $3.41 and a 200 day simple moving average of $4.75.

NioCorp Developments (NASDAQ:NB) last announced its earnings results on Thursday, November 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). Research analysts predict that NioCorp Developments will post -0.28 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Allen Capital Group LLC lifted its position in shares of NioCorp Developments by 15.8% in the 1st 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 period. Victory Financial Group LLC increased its position in shares of NioCorp Developments by 23.6% during the third quarter. Victory Financial Group LLC now owns 15,735 shares of the company’s stock worth $57,000 after buying an additional 3,000 shares during the period. Global Retirement Partners LLC raised its stake in NioCorp Developments by 59.8% during the third quarter. Global Retirement Partners LLC now owns 12,091 shares of the company’s stock worth $44,000 after buying an additional 4,526 shares during the last quarter. Spectrum Advisors Inc. raised its stake in NioCorp Developments by 24.4% during the third quarter. Spectrum Advisors Inc. now owns 25,500 shares of the company’s stock worth $92,000 after buying an additional 5,000 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in NioCorp Developments by 11.5% during the first quarter. Cetera Investment Advisers now owns 65,848 shares of the company’s stock worth $294,000 after buying an additional 6,783 shares during the last quarter. Institutional investors and hedge funds own 4.03% of the company’s stock.

About NioCorp Developments

NioCorp Developments Ltd. is a mineral development company focused on advancing the Elk Creek Critical Minerals Project in southeastern Nebraska. The project is designed to produce niobium, scandium and titanium, metals used in applications such as steel alloys, aerospace components and advanced materials. The company is working to develop the project and bring its planned mineral products to market. NioCorp is headquartered in the United States and is incorporated in Canada; its primary project is located in Nebraska.