NioCorp Developments (NASDAQ:NB) Given New $10.00 Price Target at HC Wainwright

Key Points

• HC Wainwright cut its price target on NioCorp to $10.00 (from $11.25) while maintaining a "buy" rating, a target that implies roughly a 101% upside from the company's previous close.
• The stock faces mixed analyst sentiment—three Buys, one Hold and one Sell—with a MarketBeat consensus of Hold and a consensus target of $7.90; shares recently traded at $4.98 and the company posted a quarterly EPS of ($0.05), beating estimates by $0.83.

NioCorp Developments (NASDAQ:NB - Get Free Report) had its price target reduced by analysts at HC Wainwright from $11.25 to $10.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's target price would indicate a potential upside of 101.01% from the company's previous close.

Several other research firms have also issued reports on NB. Weiss Ratings reiterated a "sell (d-)" rating on shares of NioCorp Developments in a research note on Thursday, January 22nd. Loop Capital set a $8.70 target price on shares of NioCorp Developments in a research note on Wednesday, January 7th. Finally, Zacks Research lowered shares of NioCorp Developments from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 13th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $7.90.

NioCorp Developments Price Performance

Shares of NASDAQ NB traded up $0.10 during trading on Thursday, hitting $4.98. The stock had a trading volume of 1,109,560 shares, compared to its average volume of 5,126,521. NioCorp Developments has a 12 month low of $1.89 and a 12 month high of $12.58. The company has a market capitalization of $710.08 million, a PE ratio of -6.09 and a beta of -0.03. The firm has a fifty day moving average of $5.26 and a two-hundred day moving average of $6.25.

NioCorp Developments (NASDAQ:NB - Get Free Report) last posted its earnings results on Friday, February 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.88) by $0.83. On average, equities analysts expect that NioCorp Developments will post -0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. boosted its position in NioCorp Developments by 1,073.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 99,762 shares of the company's stock worth $529,000 after purchasing an additional 91,262 shares during the period. Virtu Financial LLC grew its stake in NioCorp Developments by 324.0% during the fourth quarter. Virtu Financial LLC now owns 84,133 shares of the company's stock valued at $446,000 after acquiring an additional 64,290 shares in the last quarter. Blue Capital Inc. purchased a new position in NioCorp Developments during the fourth quarter valued at approximately $146,000. Invesco Ltd. increased its holdings in NioCorp Developments by 127.2% during the 4th quarter. Invesco Ltd. now owns 65,295 shares of the company's stock worth $346,000 after acquiring an additional 36,555 shares during the period. Finally, EP Wealth Advisors LLC bought a new stake in NioCorp Developments during the 4th quarter worth approximately $114,000. 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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