NioCorp Developments Ltd. (NASDAQ:NB) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Analysts have a consensus “Hold” rating on NioCorp Developments, with one sell, one hold and three buy recommendations. The average 12-month price target is $10.23.
• NB opened at $4.13, near its one-year low of $3.82 and well below its one-year high of $12.58. The stock’s market capitalization is approximately $601 million.
• Institutional ownership remains limited at 4.03%, although several investment firms recently initiated or increased positions in the company.

NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) has been assigned a consensus recommendation of "Hold" from the five ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $10.2333.

NB has been the topic of a number of research reports. HC Wainwright reiterated a "buy" rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Zacks Research lowered NioCorp Developments from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. B. Riley Financial initiated coverage on NioCorp Developments in a research note on Tuesday, June 9th. They issued a "buy" rating and a $12.00 price objective on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of NioCorp Developments in a report on Friday, July 17th. Finally, Wall Street Zen cut NioCorp Developments from a "hold" rating to a "sell" rating in a research note on Saturday, July 4th.

Hedge Funds Weigh In On NioCorp Developments

A number of institutional investors and hedge funds have recently made changes to their positions in NB. Sound Income Strategies LLC purchased a new stake in shares of NioCorp Developments during the first quarter worth approximately $25,000. Russell Investments Group Ltd. purchased a new position in NioCorp Developments in the third quarter worth approximately $40,000. Pittenger & Anderson Inc. grew its holdings in NioCorp Developments by 74.6% during the 4th quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company's stock worth $41,000 after acquiring an additional 3,275 shares in the last quarter. Maltin Wealth Management Inc. acquired a new position in NioCorp Developments during the 1st quarter worth approximately $45,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of NioCorp Developments in the 2nd quarter valued at approximately $46,000. 4.03% of the stock is owned by institutional investors and hedge funds.

NioCorp Developments Stock Performance

NASDAQ NB opened at $4.13 on Friday. The firm has a market cap of $601.29 million, a price-to-earnings ratio of -6.07 and a beta of 0.26. The firm has a 50 day simple moving average of $4.62 and a 200-day simple moving average of $5.11. NioCorp Developments has a one year low of $3.82 and a one year high of $12.58.

About NioCorp Developments

NioCorp Developments Ltd is a North American critical minerals development company focused on advancing its flagship Elk Creek Critical Minerals Project in southeastern Nebraska. The company’s primary business activity centers on the exploration, evaluation and development of a polymetallic deposit that hosts significant quantities of niobium, scandium and titanium. Through metallurgical testing and prefeasibility studies, NioCorp aims to produce high-purity ferroniobium, high-purity titanium dioxide slag and scandium oxide for industrial, aerospace and clean-energy applications.

At the heart of NioCorp’s operations is the Elk Creek project, where the company holds surface rights and mineral leases across approximately 7,100 acres of land.

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