Texas Capital upgraded shares of NioCorp Developments (NASDAQ:NB – Free Report) to a strong-buy rating in a report published on Tuesday morning,Zacks reports.
A number of other research analysts also recently commented on the company. Zacks Research upgraded NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 14th. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a research note on Wednesday, July 15th. Jefferies Financial Group assumed coverage on shares of NioCorp Developments in a report on Wednesday, September 2nd. They set a “hold” rating and a $4.70 price target for the company. Wall Street Zen upgraded shares of NioCorp Developments from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.85.
View Our Latest Analysis on NB
NioCorp Developments Trading Down 5.1%
NASDAQ:NB opened at $2.97 on Tuesday. The firm has a market capitalization of $432.40 million, a PE ratio of -5.50 and a beta of 0.28. The stock has a 50 day moving average of $3.78 and a 200-day moving average of $4.69. NioCorp Developments has a 52 week low of $2.93 and a 52 week high of $9.05.
NioCorp Developments (NASDAQ:NB – Get Free Report) last announced its quarterly earnings results on Friday, September 25th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. As a group, analysts predict that NioCorp Developments will post -0.28 EPS for the current fiscal year.
Hedge Funds Weigh In On NioCorp Developments
Several hedge funds and other institutional investors have recently made changes to their positions in NB. Bank of New York Mellon Corp bought a new position in NioCorp Developments in the 2nd quarter worth approximately $1,988,000. Gratia Capital LLC acquired a new stake in NioCorp Developments in the 2nd quarter valued at approximately $1,976,000. Quantinno Capital Management LP acquired a new stake in NioCorp Developments in the 1st quarter valued at approximately $694,000. Arrowstreet Capital Limited Partnership bought a new stake in NioCorp Developments during the 1st quarter valued at $535,000. Finally, Rockefeller Capital Management L.P. raised its stake in NioCorp Developments by 1,073.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 99,762 shares of the company’s stock valued at $529,000 after acquiring an additional 91,262 shares in the last quarter. 4.03% of the stock is currently owned by institutional investors and hedge funds.
About NioCorp Developments
NioCorp Developments Ltd. is a mineral-development company focused on advancing the Elk Creek Critical Minerals Project in southeastern Nebraska. The proposed project is designed to produce niobium, scandium and titanium, along with potential rare earth products, from a carbonatite ore body. These minerals are used in applications such as high-strength steel, aerospace components, lightweight alloys, permanent magnets and other advanced technologies.
NioCorp is focused on permitting, project financing, engineering and development rather than operating a producing mine.
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