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

Key Points

• Wall Street Zen downgraded NioCorp Developments from “sell” to “strong sell.”
• Analyst views remain mixed: MarketBeat reports a “Moderate Buy” consensus and an average price target of $8.85, despite the downgrade.
• NioCorp reported a quarterly loss of $0.03 per share, matching analysts’ estimates; shares opened at $2.90 and were below their 50- and 200-day moving averages.

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

Other equities analysts also recently issued reports about the stock. Jefferies Financial Group started coverage on shares of NioCorp Developments in a research report on Wednesday, September 2nd. They set a "hold" rating and a $4.70 target price on the stock. Texas Capital raised shares of NioCorp Developments to a "strong-buy" rating in a research report on Tuesday, October 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NioCorp Developments in a research note on Thursday, October 15th. Zacks Research raised NioCorp Developments from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 14th. Finally, HC Wainwright reiterated a "buy" rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $8.85.

NioCorp Developments Trading Up 7.4%

Shares of NB opened at $2.90 on Friday. The firm's fifty day simple moving average is $3.48 and its two-hundred day simple moving average is $4.81. NioCorp Developments has a 12 month low of $2.59 and a 12 month high of $8.18. The stock has a market capitalization of $422.96 million, a P/E ratio of -5.37 and a beta of 0.30.

NioCorp Developments (NASDAQ:NB - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.03). As a group, research analysts predict that NioCorp Developments will post -0.28 EPS for the current fiscal year.

Institutional Trading of NioCorp Developments

A number of institutional investors have recently made changes to their positions in NB. Gratia Capital LLC bought a new position in NioCorp Developments in the second quarter worth approximately $1,976,000. Bank of New York Mellon Corp purchased a new stake in shares of NioCorp Developments during the second quarter worth about $1,988,000. Arrowstreet Capital Limited Partnership purchased a new stake in NioCorp Developments in the 1st quarter valued at about $535,000. Quantinno Capital Management LP purchased a new stake in shares of NioCorp Developments during the first quarter worth approximately $694,000. Finally, Royal Bank of Canada increased its holdings in shares of NioCorp Developments by 333.5% in the 1st quarter. Royal Bank of Canada now owns 48,862 shares of the company's stock valued at $217,000 after acquiring an additional 37,590 shares during the period. Hedge funds and other institutional investors own 4.03% of the company's stock.

NioCorp Developments Company Profile

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.

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