NioCorp Developments (NASDAQ:NB) Upgraded at Zacks Research

Zacks Research upgraded shares of NioCorp Developments (NASDAQ:NB) from a hold rating to a strong-buy rating in a report published on Monday,Zacks.com reports.

Several other research firms have also issued reports on NB. Loop Capital set a $8.70 target price on shares of NioCorp Developments in a report on Wednesday, January 7th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a report on Thursday, January 22nd. Finally, HC Wainwright dropped 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. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, NioCorp Developments currently has an average rating of “Moderate Buy” and a consensus target price of $7.90.

NioCorp Developments Stock Performance

Shares of NASDAQ:NB opened at $5.91 on Monday. The firm has a market cap of $843.53 million, a PE ratio of -7.30 and a beta of -0.03. The firm’s fifty day moving average is $5.12 and its 200-day moving average is $6.20. NioCorp Developments has a 52 week low of $2.17 and a 52 week high of $12.58.

NioCorp Developments (NASDAQ:NB) last issued its quarterly earnings results on Friday, February 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.83. Sell-side analysts forecast that NioCorp Developments will post -0.34 EPS for the current year.

Institutional Investors Weigh In On NioCorp Developments

Several hedge funds and other institutional investors have recently bought and sold shares of NB. HITE Hedge Asset Management LLC bought a new stake in NioCorp Developments in the third quarter valued at $9,770,000. Brevan Howard Capital Management LP bought a new stake in NioCorp Developments in the third quarter valued at $9,690,000. Alyeska Investment Group L.P. increased its stake in 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 valued at $18,711,000 after purchasing an additional 1,123,863 shares in the last quarter. Deltroit Asset Management UK LLP bought a new stake in NioCorp Developments in the fourth quarter valued at $5,677,000. Finally, Marshall Wace LLP increased its stake in NioCorp Developments by 623.5% in the third quarter. Marshall Wace LLP now owns 1,156,057 shares of the company’s stock valued at $7,722,000 after purchasing an additional 996,267 shares in the last quarter. 4.03% of the stock is owned by institutional investors.

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.