NioCorp Developments (NASDAQ:NB) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded NioCorp Developments from “hold” to “strong buy.” Other analyst views remain mixed, but the stock carries a consensus “Moderate Buy” rating and an average price target of $8.85.
• NioCorp shares opened at $3.26, well below their 52-week high of $9.98, with a market capitalization of approximately $474.6 million. The company reported a quarterly loss of $0.02 per share, beating estimates for a $0.04 loss.
• The company is advancing the Elk Creek Critical Minerals Project in Nebraska, which is planned to produce niobium, scandium, titanium and potentially rare earth elements for applications including aerospace, defense, electric vehicles and permanent magnets.

NioCorp Developments (NASDAQ:NB - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Wednesday, Zacks reports.

A number of other brokerages have also commented on NB. Weiss Ratings restated a "sell (d-)" rating on shares of NioCorp Developments in a research note on Thursday. Wall Street Zen upgraded shares of NioCorp Developments from a "strong sell" rating to a "sell" rating in a report on Saturday, October 10th. HC Wainwright reaffirmed a "buy" rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group began coverage on shares of NioCorp Developments in a report on Wednesday, September 2nd. They set a "hold" rating and a $4.70 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $8.85.

NioCorp Developments Stock Performance

Shares of NioCorp Developments stock opened at $3.26 on Wednesday. The stock has a market capitalization of $474.62 million, a PE ratio of -6.04 and a beta of 0.28. NioCorp Developments has a 52 week low of $3.03 and a 52 week high of $9.98. The stock has a 50 day moving average price of $4.00 and a two-hundred day moving average price of $4.74.

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. Research analysts forecast that NioCorp Developments will post -0.28 EPS for the current year.

Institutional Trading of NioCorp Developments

Institutional investors and hedge funds have recently modified their holdings of the stock. 4WEALTH Advisors Inc. grew its holdings in NioCorp Developments by 29.3% during the third quarter. 4WEALTH Advisors Inc. now owns 90,155 shares of the company's stock worth $315,000 after buying an additional 20,405 shares in the last quarter. GK Wealth Management LLC bought a new position in NioCorp Developments during the 3rd quarter valued at $28,000. Farther Finance Advisors LLC boosted its holdings in NioCorp Developments by 48.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 38,140 shares of the company's stock worth $137,000 after acquiring an additional 12,434 shares during the last quarter. Gratia Capital LLC purchased a new position in NioCorp Developments during the 2nd quarter worth $1,976,000. Finally, Blue Capital Inc. bought a new stake in shares of NioCorp Developments in the 2nd quarter worth $127,000. 4.03% of the stock is owned by hedge funds and other institutional investors.

About NioCorp Developments

NioCorp Developments Ltd. is a U.S.-focused critical minerals company advancing the Elk Creek Critical Minerals Project in southeast Nebraska. The project is designed to produce niobium, scandium and titanium, with the potential to recover several rare earth elements, including neodymium, praseodymium, terbium and dysprosium.

NioCorp's planned products are intended for use in applications such as high-strength steel, aerospace and defense systems, electric vehicles, permanent magnets, and other advanced technologies.

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