NioCorp Developments (NASDAQ:NB) Rating Lowered to “Hold” at Zacks Research

NioCorp Developments (NASDAQ:NB) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Several other equities analysts have also issued reports on NB. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a report on Tuesday, April 21st. HC Wainwright cut their price objective on shares of NioCorp Developments from $11.25 to $10.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $7.90.

NioCorp Developments Stock Performance

NioCorp Developments stock opened at $5.21 on Tuesday. The company has a 50 day moving average price of $5.27 and a 200-day moving average price of $5.76. NioCorp Developments has a fifty-two week low of $2.17 and a fifty-two week high of $12.58. The company has a market capitalization of $743.62 million, a PE ratio of -7.66 and a beta of 0.23.

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

Hedge Funds Weigh In On NioCorp Developments

Several institutional investors have recently bought and sold shares of NB. HITE Hedge Asset Management LLC purchased a new position in NioCorp Developments during the third quarter valued at approximately $9,770,000. Brevan Howard Capital Management LP purchased a new position in NioCorp Developments in the third quarter worth $9,690,000. Alyeska Investment Group L.P. grew its holdings in NioCorp Developments by 67.0% in the third 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 last quarter. Deltroit Asset Management UK LLP purchased a new position in NioCorp Developments in the fourth quarter worth $5,677,000. Finally, Marshall Wace LLP grew its holdings in NioCorp Developments by 623.5% in the third quarter. Marshall Wace LLP now owns 1,156,057 shares of the company’s stock worth $7,722,000 after purchasing an additional 996,267 shares during the last quarter. 4.03% of the stock is owned by hedge funds and other institutional investors.

NioCorp Developments Company Profile

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.