NioCorp Developments Ltd. (NASDAQ:NB) Given Consensus Recommendation of “Moderate Buy” by Analysts

NioCorp Developments Ltd. (NASDAQ:NB) has received an average rating of “Moderate Buy” from the five ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $7.90.

NB has been the topic of a number of recent research reports. Zacks Research raised NioCorp Developments from a “hold” rating to a “strong-buy” rating in a report on Monday, April 13th. HC Wainwright decreased their target price on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. Loop Capital set a $8.70 target price on NioCorp Developments in a report on Wednesday, January 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Tuesday, April 21st.

NioCorp Developments Stock Performance

Shares of NioCorp Developments stock opened at $6.05 on Friday. NioCorp Developments has a one year low of $2.17 and a one year high of $12.58. The stock’s fifty day moving average is $5.15 and its 200 day moving average is $6.02. The stock has a market cap of $863.52 million, a P/E ratio of -7.47 and a beta of 0.23.

NioCorp Developments (NASDAQ:NB) last announced its earnings results on Friday, February 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.83. Analysts predict that NioCorp Developments will post -0.56 EPS for the current year.

Institutional Investors Weigh In On NioCorp Developments

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Alyeska Investment Group L.P. raised its holdings in NioCorp Developments by 67.0% during the third quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock valued at $18,711,000 after acquiring an additional 1,123,863 shares during the period. Private Management Group Inc. raised its holdings in NioCorp Developments by 2.2% during the fourth quarter. Private Management Group Inc. now owns 2,145,364 shares of the company’s stock valued at $11,370,000 after acquiring an additional 46,801 shares during the period. State Street Corp raised its holdings in NioCorp Developments by 67.9% during the fourth quarter. State Street Corp now owns 1,768,356 shares of the company’s stock valued at $9,372,000 after acquiring an additional 715,288 shares during the period. HITE Hedge Asset Management LLC bought a new stake in NioCorp Developments during the third quarter valued at about $9,770,000. Finally, Brevan Howard Capital Management LP bought a new stake in NioCorp Developments during the third quarter valued at about $9,690,000. 4.03% of the stock is owned by 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.