NioCorp Developments (NASDAQ:NB) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of NioCorp Developments (NASDAQ:NB) from a hold rating to a strong-buy rating in a report released on Monday,Zacks.com reports.

A number of other research firms have also recently weighed in on NB. Loop Capital set a $8.70 price target on shares of NioCorp Developments in a research note on Wednesday, January 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday, January 22nd. Finally, HC Wainwright decreased their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.90.

NioCorp Developments Stock Down 2.9%

NASDAQ:NB opened at $4.99 on Monday. NioCorp Developments has a fifty-two week low of $2.17 and a fifty-two week high of $12.58. The stock has a market cap of $712.22 million, a PE ratio of -6.16 and a beta of -0.03. The firm’s fifty day simple moving average is $5.14 and its 200-day simple moving average is $6.21.

NioCorp Developments (NASDAQ:NB) last posted its quarterly earnings results on Friday, February 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.83. Equities analysts anticipate that NioCorp Developments will post -0.34 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brevan Howard Capital Management LP purchased a new position in NioCorp Developments in the 3rd quarter valued at about $9,690,000. HITE Hedge Asset Management LLC purchased a new position in NioCorp Developments in the 3rd quarter valued at about $9,770,000. Harfst & Associates Inc. acquired a new position in shares of NioCorp Developments during the 3rd quarter valued at about $700,000. PFG Advisors acquired a new position in shares of NioCorp Developments during the 3rd quarter valued at about $1,224,000. Finally, Greenspring Advisors LLC acquired a new position in shares of NioCorp Developments during the 3rd quarter valued at about $79,000. 4.03% of the stock is currently owned by hedge funds and other institutional investors.

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.