NioCorp Developments Ltd. (NASDAQ:NB) Receives $10.23 Average PT from Brokerages

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

NB has been the topic of several recent analyst reports. B. Riley Financial assumed coverage on shares of NioCorp Developments in a report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 price target on the stock. Zacks Research cut shares of NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Friday, July 17th. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. Finally, Wall Street Zen downgraded shares of NioCorp Developments from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sound Income Strategies LLC purchased a new position in shares of NioCorp Developments in the 1st quarter valued at approximately $25,000. Russell Investments Group Ltd. purchased a new stake in NioCorp Developments in the third quarter worth $40,000. Legal & General Group Plc raised its holdings in NioCorp Developments by 31.6% in the third quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock worth $51,000 after purchasing an additional 1,822 shares in the last quarter. Pittenger & Anderson Inc. raised its holdings in NioCorp Developments by 74.6% in the fourth quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company’s stock worth $41,000 after purchasing an additional 3,275 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in NioCorp Developments during the third quarter valued at $60,000. Hedge funds and other institutional investors own 4.03% of the company’s stock.

NioCorp Developments Price Performance

NB opened at $5.36 on Tuesday. The business has a 50 day simple moving average of $4.84 and a two-hundred day simple moving average of $5.32. The firm has a market capitalization of $780.35 million, a price-to-earnings ratio of -7.88 and a beta of 0.26. NioCorp Developments has a one year low of $3.50 and a one year high of $12.58.

NioCorp Developments (NASDAQ:NB) last posted its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). As a group, sell-side analysts expect that NioCorp Developments will post -0.46 EPS for the current fiscal year.

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.