NioCorp Developments (NASDAQ:NB) Stock Rating Raised to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of NioCorp Developments (NASDAQ:NB) from a hold rating to a strong-buy rating in a research report report published on Wednesday morning,Zacks reports.

A number of other brokerages also recently commented on NB. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday. Wall Street Zen raised NioCorp Developments from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 10th. Finally, Jefferies Financial Group initiated coverage on shares of NioCorp Developments in a report on Wednesday, September 2nd. They set a “hold” rating and a $4.70 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.85.

NioCorp Developments Price Performance

NB stock opened at $3.26 on Wednesday. NioCorp Developments has a 12 month low of $3.03 and a 12 month high of $9.98. The firm has a market cap of $474.62 million, a PE ratio of -6.04 and a beta of 0.28. The firm has a 50 day simple moving average of $4.00 and a 200 day simple moving average of $4.74.

NioCorp Developments (NASDAQ:NB) last issued its earnings results on Friday, September 25th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. As a group, sell-side analysts expect that NioCorp Developments will post -0.28 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NB. 4WEALTH Advisors Inc. raised its stake in NioCorp Developments by 29.3% during the 3rd quarter. 4WEALTH Advisors Inc. now owns 90,155 shares of the company’s stock valued at $315,000 after purchasing an additional 20,405 shares during the last quarter. GK Wealth Management LLC bought a new position in shares of NioCorp Developments during the third quarter valued at $28,000. Farther Finance Advisors LLC lifted its holdings in NioCorp Developments by 48.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 38,140 shares of the company’s stock valued at $137,000 after purchasing an additional 12,434 shares during the last quarter. Gratia Capital LLC bought a new position in shares of NioCorp Developments in the second quarter valued at approximately $1,976,000. Finally, Blue Capital Inc. bought a new position in NioCorp Developments in the 2nd quarter valued at $127,000. 4.03% of the stock is currently owned by institutional investors and hedge funds.

About NioCorp Developments

NioCorp Developments Ltd. is a U.S.-focused critical minerals company advancing the Elk Creek Critical Minerals Project in southeast Nebraska. The project is designed to produce niobium, scandium and titanium, with the potential to recover several rare earth elements, including neodymium, praseodymium, terbium and dysprosium.

NioCorp’s planned products are intended for use in applications such as high-strength steel, aerospace and defense systems, electric vehicles, permanent magnets, and other advanced technologies.