NioCorp Developments (NASDAQ:NB) Downgraded by Zacks Research to “Hold”

NioCorp Developments (NASDAQ:NB) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

NB has been the topic of a number of other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Tuesday, April 21st. HC Wainwright lowered their target price on shares of NioCorp Developments from $11.25 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, April 9th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $7.90.

NioCorp Developments Price Performance

Shares of NB opened at $5.21 on Tuesday. The firm’s 50 day simple moving average is $5.27 and its 200 day simple moving average is $5.76. The company has a market capitalization of $743.62 million, a P/E ratio of -7.66 and a beta of 0.23. NioCorp Developments has a 1-year low of $2.17 and a 1-year high of $12.58.

NioCorp Developments (NASDAQ:NB) last announced its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02). On average, equities analysts anticipate that NioCorp Developments will post -0.56 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Sound Income Strategies LLC purchased a new position in shares of NioCorp Developments during the first quarter worth approximately $25,000. Russell Investments Group Ltd. purchased a new position in shares of NioCorp Developments during the third quarter worth approximately $40,000. Pittenger & Anderson Inc. raised its stake 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 acquiring an additional 3,275 shares in the last quarter. Maltin Wealth Management Inc. purchased a new position in shares of NioCorp Developments during the first quarter worth approximately $45,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of NioCorp Developments during the second quarter worth approximately $46,000. 4.03% of the stock is owned by hedge funds and other institutional investors.

About NioCorp Developments

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.