NioCorp Developments (NASDAQ:NB) Cut to Strong Sell at Wall Street Zen

NioCorp Developments (NASDAQ:NB) was downgraded by investment analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other brokerages have also recently commented on NB. Texas Capital raised shares of NioCorp Developments to a “strong-buy” rating in a research report on Tuesday, October 20th. Zacks Research raised NioCorp Developments from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 14th. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Thursday, October 15th. Finally, Jefferies Financial Group initiated coverage on shares of NioCorp Developments in a research note on Wednesday, September 2nd. They set a “hold” rating and a $4.70 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, NioCorp Developments has an average rating of “Moderate Buy” and an average target price of $8.85.

NioCorp Developments Trading Up 7.4%

Shares of NASDAQ NB opened at $2.90 on Friday. NioCorp Developments has a 12-month low of $2.59 and a 12-month high of $8.18. The business’s fifty day simple moving average is $3.48 and its 200-day simple moving average is $4.81. The stock has a market cap of $422.96 million, a P/E ratio of -5.37 and a beta of 0.30.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). On average, equities analysts forecast that NioCorp Developments will post -0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

A number of hedge funds have recently modified their holdings of NB. GK Wealth Management LLC acquired a new stake in NioCorp Developments during the 3rd quarter worth approximately $28,000. CPR Investments Inc. bought a new position in shares of NioCorp Developments in the third quarter valued at approximately $39,000. Talon Private Wealth LLC purchased a new position in NioCorp Developments during the 1st quarter worth approximately $53,000. Altshuler Shaham Ltd acquired a new position in shares of NioCorp Developments during the 1st quarter valued at about $61,000. Finally, Victory Financial Group LLC raised its holdings in NioCorp Developments by 23.6% in the 3rd quarter. Victory Financial Group LLC now owns 15,735 shares of the company’s stock valued at $57,000 after acquiring an additional 3,000 shares in the last quarter. 4.03% of the stock is currently owned by hedge funds and other institutional investors.

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.