NioCorp Developments (NASDAQ:NB) Downgraded by Zacks Research to Hold

Zacks Research lowered shares of NioCorp Developments (NASDAQ:NB) from a strong-buy rating to a hold rating in a research note published on Tuesday,Zacks.com reports.

A number of other brokerages have also weighed in on NB. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a report on Tuesday, April 21st. HC Wainwright decreased their price objective on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.90.

NioCorp Developments Stock Performance

Shares of NB stock opened at $5.21 on Tuesday. The stock’s fifty day moving average is $5.27 and its two-hundred day moving average is $5.76. The firm has a market capitalization of $743.62 million, a P/E ratio of -7.66 and a beta of 0.23. NioCorp Developments has a fifty-two week low of $2.17 and a fifty-two week high of $12.58.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02). On average, equities analysts forecast that NioCorp Developments will post -0.56 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Legal & General Group Plc raised its holdings in shares of NioCorp Developments by 31.6% during the 3rd quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock worth $51,000 after acquiring an additional 1,822 shares during the period. CWM LLC raised its holdings in shares of NioCorp Developments by 24.9% during the 4th quarter. CWM LLC now owns 11,127 shares of the company’s stock worth $59,000 after acquiring an additional 2,215 shares during the period. Royal Bank of Canada raised its holdings in shares of NioCorp Developments by 24.9% during the 4th quarter. Royal Bank of Canada now owns 11,272 shares of the company’s stock worth $61,000 after acquiring an additional 2,244 shares during the period. Keybank National Association OH raised its holdings in shares of NioCorp Developments by 22.8% during the 1st quarter. Keybank National Association OH now owns 15,963 shares of the company’s stock worth $71,000 after acquiring an additional 2,963 shares during the period. Finally, Pittenger & Anderson Inc. raised its holdings in shares of NioCorp Developments by 74.6% during the 4th quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company’s stock worth $41,000 after acquiring an additional 3,275 shares during the period. Hedge funds and other institutional investors own 4.03% of the company’s stock.

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.