NioCorp Developments Ltd. (NASDAQ:NB) Given Average Rating of “Moderate Buy” by Brokerages

Shares of NioCorp Developments Ltd. (NASDAQ:NB) have been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $8.9250.

A number of equities research analysts have issued reports on the company. Zacks Research downgraded NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. HC Wainwright dropped their target price on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research report on Tuesday, April 21st. Wall Street Zen lowered NioCorp Developments from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Finally, B. Riley Financial began coverage on NioCorp Developments in a research report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 price target for the company.

NioCorp Developments Stock Down 2.1%

NB stock opened at $4.57 on Friday. NioCorp Developments has a 52 week low of $2.64 and a 52 week high of $12.58. The firm has a market capitalization of $665.35 million, a P/E ratio of -6.72 and a beta of 0.24. The company has a fifty day simple moving average of $5.34 and a two-hundred day simple moving average of $5.55.

NioCorp Developments (NASDAQ:NB) last posted its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02). As a group, analysts anticipate that NioCorp Developments will post -0.48 EPS for the current year.

Institutional Investors Weigh In On NioCorp Developments

Institutional investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. boosted its stake in shares of NioCorp Developments by 67.0% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock worth $18,711,000 after purchasing an additional 1,123,863 shares during the period. Private Management Group Inc. raised its position in NioCorp Developments by 2.2% in the 4th quarter. Private Management Group Inc. now owns 2,145,364 shares of the company’s stock worth $11,370,000 after purchasing an additional 46,801 shares during the period. State Street Corp raised its position in NioCorp Developments by 67.9% in the 4th quarter. State Street Corp now owns 1,768,356 shares of the company’s stock worth $9,372,000 after purchasing an additional 715,288 shares during the period. HITE Hedge Asset Management LLC bought a new stake in NioCorp Developments in the third quarter worth about $9,770,000. Finally, Brevan Howard Capital Management LP purchased a new position in shares of NioCorp Developments during the third quarter valued at approximately $9,690,000. 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.