NioCorp Developments Ltd. (NASDAQ:NB) Receives $10.23 Consensus Price Target from Analysts

Shares of NioCorp Developments Ltd. (NASDAQ:NB) have been assigned an average rating of “Hold” from the five research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $10.2333.

NB has been the subject of a number of analyst reports. Wall Street Zen downgraded NioCorp Developments from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. B. Riley Financial assumed coverage on NioCorp Developments in a report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 target price on the stock. Zacks Research cut 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 report on Friday, July 17th. Finally, HC Wainwright reissued a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th.

NioCorp Developments Trading Up 1.7%

Shares of NB stock opened at $5.45 on Tuesday. The firm has a fifty day simple moving average of $4.82 and a two-hundred day simple moving average of $5.30. NioCorp Developments has a 12 month low of $3.50 and a 12 month high of $12.58. The firm has a market capitalization of $793.47 million, a PE ratio of -8.01 and a beta of 0.26.

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

Institutional Trading of NioCorp Developments

Several institutional investors and hedge funds have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership purchased a new position in NioCorp Developments during the first quarter worth about $535,000. Harfst & Associates Inc. increased its stake in NioCorp Developments by 76.1% in the 4th quarter. Harfst & Associates Inc. now owns 184,620 shares of the company’s stock valued at $978,000 after buying an additional 79,810 shares during the last quarter. Deltroit Asset Management UK LLP purchased a new stake in NioCorp Developments in the 4th quarter valued at about $5,677,000. Rathbones Group PLC lifted its position in shares of NioCorp Developments by 22.7% during the 4th quarter. Rathbones Group PLC now owns 54,050 shares of the company’s stock worth $286,000 after buying an additional 10,000 shares in the last quarter. Finally, Arizona State Retirement System bought a new position in shares of NioCorp Developments during the 4th quarter worth approximately $165,000. 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.