NioCorp Developments Ltd. (NASDAQ:NB) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• NioCorp Developments has a consensus analyst rating of “Moderate Buy” from six brokerages, with four buy ratings, one hold, and one sell. The average 1-year price target is $8.93.
• The stock was down 2.1% to $4.57, leaving it below both its 50-day moving average of $5.34 and 200-day moving average of $5.55. It also has a market cap of about $665.35 million.
• NioCorp recently reported quarterly earnings of ($0.02) per share, matching analyst expectations, while Wall Street expects a loss of $0.48 per share for the current fiscal year. The company is focused on advancing its Elk Creek Critical Minerals Project in Nebraska.

Shares of NioCorp Developments Ltd. (NASDAQ:NB - Get Free Report) have been given an average rating of "Moderate Buy" by the six brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $8.9250.

NB has been the topic of a number of research analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of NioCorp Developments in a report on Tuesday, April 21st. B. Riley Financial initiated coverage on shares of NioCorp Developments in a research report on Tuesday, June 9th. They set a "buy" rating and a $12.00 price objective on the stock. HC Wainwright lowered their target price on shares of NioCorp Developments from $11.25 to $10.00 and set a "buy" rating on the stock in a report on Thursday, April 9th. Wall Street Zen lowered shares of NioCorp Developments from a "hold" rating to a "sell" rating in a research report on Saturday, July 4th. Finally, Zacks Research lowered shares of NioCorp Developments from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th.

NioCorp Developments Stock Down 2.1%

NASDAQ:NB opened at $4.57 on Friday. The business's 50-day simple moving average is $5.34 and its two-hundred day simple moving average is $5.55. The stock has a market cap of $665.35 million, a PE ratio of -6.72 and a beta of 0.24. NioCorp Developments has a 52 week low of $2.64 and a 52 week high of $12.58.

NioCorp Developments (NASDAQ:NB - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.02) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.02). Sell-side analysts anticipate that NioCorp Developments will post -0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NB. Alyeska Investment Group L.P. lifted its position 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 in the last quarter. Private Management Group Inc. grew its holdings in NioCorp Developments by 2.2% during the 4th quarter. Private Management Group Inc. now owns 2,145,364 shares of the company's stock valued at $11,370,000 after buying an additional 46,801 shares in the last quarter. State Street Corp grew its holdings in 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 buying an additional 715,288 shares in the last quarter. HITE Hedge Asset Management LLC bought a new stake in NioCorp Developments in the 3rd quarter worth approximately $9,770,000. Finally, Brevan Howard Capital Management LP bought a new stake in NioCorp Developments in the 3rd quarter worth approximately $9,690,000. Hedge funds and other institutional investors own 4.03% of the company's stock.

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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