NioCorp Developments (NASDAQ:NB) Cut to Strong Sell at Wall Street Zen

Wall Street Zen cut shares of NioCorp Developments (NASDAQ:NB) from a sell rating to a strong sell rating in a report released on Saturday,Wall Street Zen reports.

Several other analysts have also issued reports on the stock. Jefferies Financial Group started coverage on shares of NioCorp Developments in a research report on Wednesday, September 2nd. They issued a “hold” rating and a $4.70 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Friday, July 17th. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Finally, B. Riley Financial began coverage on NioCorp Developments in a research note on Tuesday, June 9th. They set a “buy” rating and a $12.00 price objective for the company. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $8.85.

NioCorp Developments Price Performance

Shares of NB stock opened at $3.47 on Friday. The company has a market cap of $505.20 million, a price-to-earnings ratio of -6.43 and a beta of 0.25. The stock has a 50 day simple moving average of $4.27 and a 200-day simple moving average of $4.86. NioCorp Developments has a 1-year low of $3.40 and a 1-year high of $12.58.

NioCorp Developments (NASDAQ:NB) last released its quarterly earnings results on Friday, September 25th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Analysts anticipate that NioCorp Developments will post -0.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NioCorp Developments

A number of large investors have recently modified their holdings of NB. Gratia Capital LLC purchased a new position in shares of NioCorp Developments in the second quarter worth about $1,976,000. Blue Capital Inc. purchased a new stake in NioCorp Developments during the 2nd quarter valued at about $127,000. Bank of New York Mellon Corp purchased a new stake in NioCorp Developments during the 2nd quarter valued at about $1,988,000. Allen Capital Group LLC raised its holdings in NioCorp Developments by 15.8% in the 1st quarter. Allen Capital Group LLC now owns 19,718 shares of the company’s stock valued at $88,000 after acquiring an additional 2,690 shares during the last quarter. Finally, Altshuler Shaham Ltd acquired a new stake in NioCorp Developments in the 1st quarter valued at about $61,000. Hedge funds and other institutional investors own 4.03% of the company’s stock.

NioCorp Developments Company Profile

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.