NioCorp Developments Ltd. (NASDAQ:NB) Stock Has Average Price Target of $8.85 According to Brokerages

Shares of NioCorp Developments Ltd. (NASDAQ:NB) have received an average rating of “Hold” from the six analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $8.85.

Several equities research analysts have issued reports on NB shares. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Jefferies Financial Group started coverage on shares of NioCorp Developments in a research note on Wednesday, September 2nd. They set a “hold” rating and a $4.70 price objective for the company. Wall Street Zen cut NioCorp Developments from a “sell” rating to a “strong sell” rating in a report on Saturday. B. Riley Financial assumed coverage on NioCorp Developments in a research report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a report on Friday, July 17th.

NioCorp Developments Price Performance

Shares of NB opened at $3.54 on Wednesday. NioCorp Developments has a twelve month low of $3.40 and a twelve month high of $12.58. The stock has a market capitalization of $515.39 million, a P/E ratio of -5.21 and a beta of 0.25. The company has a 50 day moving average of $4.29 and a 200-day moving average of $4.87.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Friday, September 25th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. On average, sell-side analysts anticipate that NioCorp Developments will post -0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Private Management Group Inc. raised its stake in shares of NioCorp Developments by 2.2% during the 4th quarter. Private Management Group Inc. now owns 2,145,364 shares of the company’s stock worth $11,370,000 after purchasing an additional 46,801 shares in the last quarter. Deltroit Asset Management UK LLP bought a new position in shares of NioCorp Developments in the fourth quarter valued at $5,677,000. Bank of New York Mellon Corp bought a new position in shares of NioCorp Developments in the second quarter valued at $1,988,000. Gratia Capital LLC acquired a new position in NioCorp Developments during the second quarter worth $1,976,000. Finally, Swiss National Bank increased its holdings in NioCorp Developments by 30.0% during the first quarter. Swiss National Bank now owns 287,500 shares of the company’s stock worth $1,282,000 after buying an additional 66,300 shares during the last quarter. Institutional investors and hedge funds own 4.03% of the company’s stock.

About NioCorp Developments

NioCorp Developments Ltd. (NASDAQ:NB) is a development-stage critical minerals company focused on advancing the Elk Creek Project in southeastern Nebraska. The company is evaluating the development of a domestic source of niobium, scandium and titanium, along with certain rare earth elements, including neodymium, praseodymium, dysprosium and terbium.

The proposed Elk Creek operation is designed to process mineralized material into products that could support industries such as transportation, aerospace, defense, electronics and clean energy.