NioCorp Developments Ltd. (NASDAQ:NB) Receives Consensus Rating of “Hold” from Analysts

NioCorp Developments Ltd. (NASDAQ:NB) has been given a consensus rating of “Hold” by the five research firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $10.2333.

Several brokerages have recently weighed in on NB. Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. B. Riley Financial started coverage on NioCorp Developments in a report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 price target for the company. Wall Street Zen lowered shares of NioCorp Developments from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a report on Friday, July 17th. Finally, HC Wainwright restated a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th.

NioCorp Developments Stock Performance

NASDAQ:NB opened at $4.13 on Friday. The stock has a 50-day simple moving average of $4.62 and a 200-day simple moving average of $5.11. The stock has a market cap of $601.29 million, a P/E ratio of -6.07 and a beta of 0.26. NioCorp Developments has a 1 year low of $3.82 and a 1 year high of $12.58.

Institutional Investors Weigh In On NioCorp Developments

Several hedge funds and other institutional investors have recently bought and sold shares of NB. Sound Income Strategies LLC purchased a new stake in NioCorp Developments in the first quarter valued at $25,000. Russell Investments Group Ltd. purchased a new position in shares of NioCorp Developments during the third quarter worth about $40,000. Legal & General Group Plc grew its holdings in shares of NioCorp Developments by 31.6% during 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 during the last quarter. Pittenger & Anderson Inc. increased its position in shares of NioCorp Developments by 74.6% during 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 stake in shares of NioCorp Developments in the 3rd quarter valued at about $60,000. 4.03% of the stock is currently owned by institutional investors and hedge funds.

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.