NioCorp Developments (NASDAQ:NB) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of NioCorp Developments (NASDAQ:NB) from a strong sell rating to a sell rating in a research note released on Saturday,Wall Street Zen reports.

A number of other equities analysts have also recently commented on the stock. Jefferies Financial Group assumed coverage on shares of NioCorp Developments in a report on Wednesday, September 2nd. They issued a “hold” rating and a $4.70 target price on the stock. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a research note on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, NioCorp Developments has a consensus rating of “Hold” and a consensus price target of $8.85.

NioCorp Developments Stock Down 2.7%

NB opened at $3.28 on Friday. The firm has a market cap of $477.54 million, a price-to-earnings ratio of -6.07 and a beta of 0.28. NioCorp Developments has a 52 week low of $3.25 and a 52 week high of $12.58. The business’s 50 day moving average is $4.11 and its two-hundred day moving average is $4.77.

NioCorp Developments (NASDAQ:NB) last issued its quarterly earnings data on Friday, September 25th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Equities analysts expect that NioCorp Developments will post -0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

Institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new stake in NioCorp Developments during the 2nd quarter worth approximately $1,988,000. Gratia Capital LLC purchased a new position in shares of NioCorp Developments in the 2nd quarter valued at approximately $1,976,000. Swiss National Bank increased its holdings in shares of NioCorp Developments by 30.0% in the first quarter. Swiss National Bank now owns 287,500 shares of the company’s stock valued at $1,282,000 after purchasing an additional 66,300 shares during the period. Quantinno Capital Management LP acquired a new position in shares of NioCorp Developments in the first quarter valued at approximately $694,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of NioCorp Developments in the first quarter valued at approximately $535,000. Institutional investors and hedge funds own 4.03% of the company’s stock.

About NioCorp Developments

NioCorp Developments Ltd. is a U.S.-focused critical minerals company advancing the Elk Creek Critical Minerals Project in southeast Nebraska. The project is designed to produce niobium, scandium and titanium, with the potential to recover several rare earth elements, including neodymium, praseodymium, terbium and dysprosium.

NioCorp’s planned products are intended for use in applications such as high-strength steel, aerospace and defense systems, electric vehicles, permanent magnets, and other advanced technologies.