Texas Capital Upgrades NioCorp Developments (NASDAQ:NB) to Strong-Buy

NioCorp Developments (NASDAQ:NB) was upgraded by equities research analysts at Texas Capital to a “strong-buy” rating in a research note issued on Tuesday, Zacks reports.

A number of other research analysts also recently weighed in on NB. HC Wainwright restated a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. Wall Street Zen upgraded NioCorp Developments from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 10th. Zacks Research upgraded NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 14th. Jefferies Financial Group assumed coverage on shares of NioCorp Developments in a report on Wednesday, September 2nd. They set a “hold” rating and a $4.70 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Thursday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, NioCorp Developments currently has an average rating of “Moderate Buy” and an average target price of $8.85.

NioCorp Developments Price Performance

Shares of NASDAQ:NB opened at $2.97 on Tuesday. The company has a market capitalization of $432.40 million, a PE ratio of -5.50 and a beta of 0.28. NioCorp Developments has a 1-year low of $2.93 and a 1-year high of $9.05. The business has a fifty day moving average price of $3.78 and a 200-day moving average price of $4.69.

NioCorp Developments (NASDAQ:NB) last issued its earnings results on Friday, September 25th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. On average, sell-side analysts anticipate that NioCorp Developments will post -0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

Several hedge funds have recently bought and sold shares of NB. Sound Income Strategies LLC bought a new position in NioCorp Developments in the 1st quarter worth about $25,000. GK Wealth Management LLC purchased a new position in NioCorp Developments in the third quarter valued at about $28,000. Maltin Wealth Management Inc. purchased a new position in shares of NioCorp Developments in the 1st quarter worth approximately $45,000. Talon Private Wealth LLC acquired a new position in shares of NioCorp Developments during the first quarter worth $53,000. Finally, Brookstone Capital Management purchased a new stake in NioCorp Developments in the first quarter valued at about $56,000. Institutional investors 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 proposed project is designed to produce niobium, scandium and titanium, along with potential rare earth products, from a carbonatite ore body. These minerals are used in applications such as high-strength steel, aerospace components, lightweight alloys, permanent magnets and other advanced technologies.

NioCorp is focused on permitting, project financing, engineering and development rather than operating a producing mine.