NioCorp Developments Ltd. (NASDAQ:NB) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

NioCorp Developments Ltd. (NASDAQ:NB) has received a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have covered the stock in the last year is $7.90.

NB has been the topic of several research analyst reports. HC Wainwright lowered their target price on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, April 9th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a report on Tuesday, April 21st. Finally, Zacks Research raised shares of NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 13th.

NioCorp Developments Stock Up 7.4%

Shares of NioCorp Developments stock opened at $5.21 on Thursday. NioCorp Developments has a 12 month low of $2.17 and a 12 month high of $12.58. The stock has a market cap of $743.62 million, a PE ratio of -7.66 and a beta of 0.23. The business has a fifty day simple moving average of $5.27 and a 200-day simple moving average of $5.76.

NioCorp Developments (NASDAQ:NB) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). Analysts expect that NioCorp Developments will post -0.56 EPS for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

Several institutional investors and hedge funds have recently modified their holdings of the stock. Sound Income Strategies LLC acquired a new position in shares of NioCorp Developments in the first quarter worth $25,000. Russell Investments Group Ltd. acquired a new stake in NioCorp Developments during the third quarter valued at $40,000. Pittenger & Anderson Inc. grew its stake in NioCorp Developments by 74.6% in the fourth quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company’s stock valued at $41,000 after purchasing an additional 3,275 shares in the last quarter. Maltin Wealth Management Inc. acquired a new position in NioCorp Developments in the 1st quarter worth about $45,000. Finally, The Manufacturers Life Insurance Company acquired a new position in NioCorp Developments in the 2nd quarter worth about $46,000. 4.03% of the stock is currently owned by hedge funds and other institutional investors.

NioCorp Developments Company Profile

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.