NioCorp Developments (NASDAQ:NB) Raised to “Strong-Buy” at Texas Capital

NioCorp Developments (NASDAQ:NB) was upgraded by investment analysts at Texas Capital to a “strong-buy” rating in a research report issued on Tuesday, Zacks reports.

NB has been the topic of a number of other research reports. Zacks Research upgraded NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, October 15th. Jefferies Financial Group began coverage on NioCorp Developments in a research note on Wednesday, September 2nd. They set a “hold” rating and a $4.70 price target on the stock. HC Wainwright reissued a “buy” rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Finally, Wall Street Zen upgraded NioCorp Developments from a “strong sell” rating to a “sell” rating in a report on Saturday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, NioCorp Developments currently has an average rating of “Moderate Buy” and an average price target of $8.85.

NioCorp Developments Stock Performance

NB opened at $2.97 on Tuesday. The firm has a market cap of $432.40 million, a P/E ratio of -5.50 and a beta of 0.28. NioCorp Developments has a 52-week low of $2.93 and a 52-week high of $9.05. The business’s fifty day moving average is $3.78 and its 200-day moving average is $4.69.

NioCorp Developments (NASDAQ:NB) last issued its earnings results on Friday, September 25th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. On average, research analysts predict that NioCorp Developments will post -0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

A number of hedge funds and other institutional investors have recently made changes to their positions in NB. Gratia Capital LLC acquired a new stake in NioCorp Developments during the 2nd quarter valued at approximately $1,976,000. Bank of New York Mellon Corp acquired a new position in shares of NioCorp Developments in the 2nd quarter valued at about $1,988,000. Arrowstreet Capital Limited Partnership acquired a new position in NioCorp Developments in the first quarter valued at approximately $535,000. Quantinno Capital Management LP bought a new position in NioCorp Developments during the first quarter worth $694,000. Finally, Private Advisor Group LLC boosted its position in shares of NioCorp Developments by 38.9% during the 1st quarter. Private Advisor Group LLC now owns 40,303 shares of the company’s stock worth $180,000 after purchasing an additional 11,289 shares in the last quarter. 4.03% of the stock is owned by institutional investors and hedge funds.

About NioCorp Developments

NioCorp Developments Ltd. is a mineral-development company focused on advancing the Elk Creek Critical Minerals Project in southeastern Nebraska. The proposed project is designed to produce niobium, scandium and titanium, along with potential rare earth products, from a carbonatite ore body. These minerals are used in applications such as high-strength steel, aerospace components, lightweight alloys, permanent magnets and other advanced technologies.

NioCorp is focused on permitting, project financing, engineering and development rather than operating a producing mine.