NioCorp Developments (NASDAQ:NB) Upgraded to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen upgraded NioCorp Developments from “strong sell” to “sell,” while the broader analyst consensus remains “Hold” with an average price target of $8.85.
• NioCorp shares opened at $3.37, near their 52-week low of $3.33 and well below the 52-week high of $12.58. The company recently reported a quarterly loss of $0.02 per share, beating estimates for a $0.04 loss.
• Institutional investors have recently accumulated shares, but hedge funds and other institutions own only 4.03% of the company. NioCorp is developing Nebraska’s Elk Creek project to produce niobium, scandium, titanium and potentially rare earth elements.

NioCorp Developments (NASDAQ:NB - Get Free Report) was upgraded by Wall Street Zen from a "strong sell" rating to a "sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

NB has been the subject of several other reports. Jefferies Financial Group assumed coverage on shares of NioCorp Developments in a research note on Wednesday, September 2nd. They set a "hold" rating and a $4.70 price objective for the company. HC Wainwright reissued a "buy" rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of NioCorp Developments in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, NioCorp Developments currently has a consensus rating of "Hold" and an average target price of $8.85.

NioCorp Developments Stock Down 1.2%

Shares of NASDAQ:NB opened at $3.37 on Friday. NioCorp Developments has a 52-week low of $3.33 and a 52-week high of $12.58. The stock has a market cap of $490.64 million, a price-to-earnings ratio of -6.24 and a beta of 0.28. The business has a 50-day moving average price of $4.13 and a 200-day moving average price of $4.78.

NioCorp Developments (NASDAQ:NB - Get Free Report) last issued its earnings results on Friday, September 25th. The company reported ($0.02) EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.02. As a group, equities analysts anticipate that NioCorp Developments will post -0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On NioCorp Developments

Several hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new stake in NioCorp Developments during the second quarter valued at $1,988,000. Gratia Capital LLC acquired a new position in shares of NioCorp Developments in the second quarter worth about $1,976,000. Swiss National Bank raised its position in shares of 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 acquiring an additional 66,300 shares during the period. Quantinno Capital Management LP purchased a new stake in shares of NioCorp Developments during the 1st quarter worth about $694,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of NioCorp Developments during the 1st quarter worth about $535,000. Hedge funds and other institutional investors own 4.03% of the company's stock.

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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