NioCorp Developments (NASDAQ:NB) Downgraded by Wall Street Zen to Strong Sell

Key Points

• Wall Street Zen downgraded NioCorp Developments from “sell” to “strong sell,” adding to concerns about the development-stage critical minerals company.
• Analyst sentiment remains mixed: three analysts rate the stock “buy,” two “hold,” and one “sell,” resulting in a consensus “hold” rating and an $8.85 target price.
• NioCorp shares opened at $3.54, near their 52-week low of $3.40 and well below the 52-week high of $12.58. The company reported a quarterly loss of $0.02 per share, but beat estimates calling for a $0.04 loss.

NioCorp Developments (NASDAQ:NB - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Saturday, Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the stock. HC Wainwright reaffirmed a "buy" rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. Jefferies Financial Group assumed coverage on shares of NioCorp Developments in a report on Wednesday, September 2nd. They issued a "hold" rating and a $4.70 target price on the stock. B. Riley Financial initiated coverage on shares of NioCorp Developments in a research report on Tuesday, June 9th. They issued a "buy" rating and a $12.00 target price for the company. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NioCorp Developments in a report on Friday, July 17th. 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's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $8.85.

NioCorp Developments Stock Performance

NASDAQ:NB opened at $3.54 on Friday. The stock has a fifty day moving average price of $4.29 and a 200-day moving average price of $4.87. The company has a market cap of $515.39 million, a price-to-earnings ratio of -5.21 and a beta of 0.25. NioCorp Developments has a fifty-two week low of $3.40 and a fifty-two week high of $12.58.

NioCorp Developments (NASDAQ:NB - Get Free Report) last issued its quarterly earnings results on Friday, September 25th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.02. Research analysts predict that NioCorp Developments will post -0.46 EPS for the current fiscal year.

Institutional Trading of NioCorp Developments

Several institutional investors and hedge funds have recently modified their holdings of NB. Gratia Capital LLC acquired a new position in NioCorp Developments during the 2nd quarter worth approximately $1,976,000. Blue Capital Inc. bought a new position in NioCorp Developments in the 2nd quarter valued at approximately $127,000. Bank of New York Mellon Corp bought a new position in NioCorp Developments in the 2nd quarter valued at approximately $1,988,000. Allen Capital Group LLC boosted its position in NioCorp Developments by 15.8% in the first quarter. Allen Capital Group LLC now owns 19,718 shares of the company's stock valued at $88,000 after buying an additional 2,690 shares in the last quarter. Finally, Altshuler Shaham Ltd acquired a new stake in NioCorp Developments in the first quarter valued at approximately $61,000. 4.03% of the stock is currently owned by institutional investors.

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.

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