NioCorp Developments (NASDAQ:NB) Stock Rating Raised to "Strong-Buy" at Texas Capital

Key Points

• Texas Capital upgraded NioCorp Developments to “strong buy.” Zacks Research also issued a strong-buy rating, while overall analyst sentiment is “Moderate Buy” with an average price target of $8.85.
• NioCorp shares opened at $2.97, down 5.1%, near their 52-week low of $2.93; the stock has a market capitalization of approximately $432.4 million.
• The company reported a quarterly loss of $0.02 per share, beating estimates for a $0.04 loss. NioCorp is developing Nebraska’s Elk Creek Critical Minerals Project and is focused on permitting, financing and engineering rather than operating a producing mine.

NioCorp Developments (NASDAQ:NB - Get Free Report) was upgraded by equities researchers at Texas Capital to a "strong-buy" rating in a note issued to investors on Tuesday, Zacks reports.

Several other research firms have also recently weighed in on NB. Wall Street Zen raised NioCorp Developments from a "strong sell" rating to a "sell" rating in a research report on Saturday, October 10th. Zacks Research upgraded NioCorp Developments from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 14th. Jefferies Financial Group initiated coverage on shares of NioCorp Developments in a research report on Wednesday, September 2nd. They set a "hold" rating and a $4.70 price target for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of NioCorp Developments in a report on Thursday, October 15th. Finally, HC Wainwright reissued a "buy" rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $8.85.

NioCorp Developments Stock Down 5.1%

Shares of NB stock opened at $2.97 on Tuesday. NioCorp Developments has a 52 week low of $2.93 and a 52 week high of $9.05. The company has a market cap of $432.40 million, a price-to-earnings ratio of -5.50 and a beta of 0.28. The firm has a 50 day moving average of $3.78 and a 200-day moving average of $4.69.

NioCorp Developments (NASDAQ:NB - Get Free Report) last issued its earnings results on Friday, September 25th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.02. Analysts anticipate that NioCorp Developments will post -0.28 earnings per share for the current year.

Institutional Investors Weigh In On NioCorp Developments

Large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new position in shares of NioCorp Developments during the second quarter valued at about $1,988,000. Gratia Capital LLC purchased a new stake in NioCorp Developments in the second quarter worth about $1,976,000. Swiss National Bank lifted its holdings in NioCorp Developments by 30.0% in the first quarter. Swiss National Bank now owns 287,500 shares of the company's stock worth $1,282,000 after buying an additional 66,300 shares during the period. Quantinno Capital Management LP bought a new stake in NioCorp Developments during the 1st quarter valued at approximately $694,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in NioCorp Developments during the 1st quarter valued at approximately $535,000. 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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