NioCorp Developments Ltd. (NASDAQ:NB) Stock Now Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analyst sentiment is moderately positive: Six brokerages give NioCorp a consensus “Moderate Buy” rating, with an average 12-month price target of $8.85.
• The stock has weakened: Shares opened at $2.92, below their 50-day average of $3.41 and 200-day average of $4.75; the 52-week range is $2.59 to $8.18.
• NioCorp reported a quarterly loss of $0.03 per share, matching analyst expectations. Institutional investors own 4.03% of the stock.

Shares of NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) have earned an average rating of "Moderate Buy" from the six brokerages that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $8.85.

A number of research firms have weighed in on NB. Zacks Research raised shares of NioCorp Developments from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 14th. Jefferies Financial Group assumed coverage on NioCorp Developments in a research note on Wednesday, September 2nd. They issued a "hold" rating and a $4.70 price target for the company. Wall Street Zen downgraded NioCorp Developments from a "sell" rating to a "strong sell" rating in a report on Saturday, November 7th. Weiss Ratings restated a "sell (d-)" rating on shares of NioCorp Developments in a research report on Thursday, October 15th. Finally, Texas Capital raised NioCorp Developments to a "strong-buy" rating in a report on Tuesday, October 20th.

Institutional Trading of NioCorp Developments

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Private Management Group Inc. increased its stake in shares of NioCorp Developments by 0.5% in the third quarter. Private Management Group Inc. now owns 2,155,364 shares of the company's stock valued at $7,759,000 after buying an additional 10,000 shares during the period. CenterBook Partners LP acquired a new stake in NioCorp Developments during the 3rd quarter worth approximately $4,588,000. Alps Advisors Inc. grew its holdings in NioCorp Developments by 42.1% during the 3rd quarter. Alps Advisors Inc. now owns 948,370 shares of the company's stock worth $3,414,000 after acquiring an additional 280,752 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in NioCorp Developments during the 2nd quarter worth approximately $1,988,000. Finally, Gratia Capital LLC bought a new stake in NioCorp Developments during the 2nd quarter worth approximately $1,976,000. 4.03% of the stock is currently owned by institutional investors.

NioCorp Developments Stock Performance

NB opened at $2.92 on Thursday. The company's 50 day moving average is $3.41 and its 200-day moving average is $4.75. NioCorp Developments has a 1-year low of $2.59 and a 1-year high of $8.18.

NioCorp Developments (NASDAQ:NB - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). On average, equities analysts expect that NioCorp Developments will post -0.28 earnings per share for the current year.

About NioCorp Developments

NioCorp Developments Ltd. is a mineral development company focused on advancing the Elk Creek Critical Minerals Project in southeastern Nebraska. The project is designed to produce niobium, scandium and titanium, metals used in applications such as steel alloys, aerospace components and advanced materials. The company is working to develop the project and bring its planned mineral products to market. NioCorp is headquartered in the United States and is incorporated in Canada; its primary project is located in Nebraska.

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