NioCorp Developments Ltd. (NASDAQ:NB) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Analysts have a consensus “Hold” rating on NioCorp Developments, with three buys, one hold and one sell among five covering firms. The average 12-month price target is $10.23, well above the stock’s recent $4.46 price.
• NioCorp shares remain near the lower end of their 52-week range of $3.21 to $12.58, with a market capitalization of approximately $649 million and negative earnings.
• Several institutional investors increased their positions substantially, but institutional ownership remains limited at 4.03%. The company reported a quarterly loss of $0.02 per share, matching analyst expectations.

Shares of NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) have been assigned a consensus rating of "Hold" from the five research firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $10.2333.

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

Institutional Trading of NioCorp Developments

Hedge funds have recently bought and sold shares of the stock. Alyeska Investment Group L.P. raised its stake in shares of NioCorp Developments by 67.0% in the third quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company's stock worth $18,711,000 after buying an additional 1,123,863 shares during the period. Deltroit Asset Management UK LLP purchased a new position in shares of NioCorp Developments during the 4th quarter valued at about $5,677,000. Marshall Wace LLP grew its stake in shares of NioCorp Developments by 623.5% during the 3rd quarter. Marshall Wace LLP now owns 1,156,057 shares of the company's stock valued at $7,722,000 after acquiring an additional 996,267 shares during the period. Nuveen LLC grew its stake in shares of NioCorp Developments by 785.0% during the 4th quarter. Nuveen LLC now owns 879,032 shares of the company's stock valued at $4,659,000 after acquiring an additional 779,709 shares during the period. Finally, State Street Corp grew its stake in shares of NioCorp Developments by 67.9% during the 4th quarter. State Street Corp now owns 1,768,356 shares of the company's stock valued at $9,372,000 after acquiring an additional 715,288 shares during the period. Institutional investors own 4.03% of the company's stock.

NioCorp Developments Stock Performance

NB stock opened at $4.46 on Tuesday. NioCorp Developments has a fifty-two week low of $3.21 and a fifty-two week high of $12.58. The business's 50-day moving average is $4.89 and its two-hundred day moving average is $5.35. The company has a market cap of $649.33 million, a price-to-earnings ratio of -6.56 and a beta of 0.26.

NioCorp Developments (NASDAQ:NB - Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). Equities analysts predict that NioCorp Developments will post -0.46 earnings per share for the current year.

NioCorp Developments Company Profile

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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