Brokerages Set NioCorp Developments Ltd. (NASDAQ:NB) Price Target at $8.93

NioCorp Developments Ltd. (NASDAQ:NB) has been given an average recommendation of “Hold” by the five brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $10.2333.

A number of brokerages have recently issued reports on NB. B. Riley Financial assumed coverage on NioCorp Developments in a research note on Tuesday, June 9th. They set a “buy” rating and a $12.00 target price for the company. HC Wainwright reduced their target price on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Tuesday, April 21st. Zacks Research cut shares of NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Finally, Wall Street Zen cut shares of NioCorp Developments from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th.

NioCorp Developments Stock Performance

Shares of NioCorp Developments stock opened at $4.85 on Friday. NioCorp Developments has a one year low of $2.64 and a one year high of $12.58. The company has a market cap of $706.11 million, a P/E ratio of -7.13 and a beta of 0.24. The firm has a fifty day moving average of $5.27 and a two-hundred day moving average of $5.52.

NioCorp Developments (NASDAQ:NB) last issued its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). As a group, equities analysts predict that NioCorp Developments will post -0.48 earnings per share for the current year.

Institutional Investors Weigh In On NioCorp Developments

A number of institutional investors and hedge funds have recently modified their holdings of the company. 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 worth $18,711,000 after purchasing an additional 1,123,863 shares during the last quarter. Private Management Group Inc. grew its holdings in NioCorp Developments by 2.2% in the fourth quarter. Private Management Group Inc. now owns 2,145,364 shares of the company’s stock valued at $11,370,000 after purchasing an additional 46,801 shares during the last quarter. State Street Corp grew its holdings in NioCorp Developments by 67.9% in the fourth quarter. State Street Corp now owns 1,768,356 shares of the company’s stock valued at $9,372,000 after purchasing an additional 715,288 shares during the last quarter. HITE Hedge Asset Management LLC purchased a new position in shares of NioCorp Developments in the third quarter valued at $9,770,000. Finally, Brevan Howard Capital Management LP purchased a new position in shares of NioCorp Developments in the third quarter valued at $9,690,000. Institutional investors and hedge funds own 4.03% of the company’s stock.

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.