NioCorp Developments (NASDAQ:NB) Downgraded by Wall Street Zen to Sell

NioCorp Developments (NASDAQ:NB) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Several other research firms have also commented on NB. B. Riley Financial assumed coverage on shares of NioCorp Developments in a research report on Tuesday, June 9th. They issued a “buy” rating and a $12.00 price objective on the stock. 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 dropped their target price on shares of NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Tuesday, April 21st. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, NioCorp Developments has a consensus rating of “Moderate Buy” and an average price target of $8.93.

NioCorp Developments Stock Performance

Shares of NB stock opened at $4.74 on Friday. The stock has a fifty day moving average price of $5.44 and a 200 day moving average price of $5.58. The stock has a market cap of $690.10 million, a PE ratio of -6.97 and a beta of 0.24. NioCorp Developments has a 1 year low of $2.30 and a 1 year high of $12.58.

NioCorp Developments (NASDAQ:NB) last posted its earnings results on Thursday, May 14th. The company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). As a group, equities research analysts predict that NioCorp Developments will post -0.48 earnings per share for the current year.

Hedge Funds Weigh In On NioCorp Developments

Institutional investors have recently made changes to their positions in the stock. Allen Capital Group LLC lifted its position in shares of NioCorp Developments by 15.8% in the first quarter. Allen Capital Group LLC now owns 19,718 shares of the company’s stock valued at $88,000 after acquiring an additional 2,690 shares in the last quarter. Altshuler Shaham Ltd acquired a new stake in shares of NioCorp Developments during the first quarter valued at $61,000. Talon Private Wealth LLC purchased a new stake in NioCorp Developments during the 1st quarter worth about $53,000. Royal Bank of Canada increased its position in NioCorp Developments by 333.5% during the 1st quarter. Royal Bank of Canada now owns 48,862 shares of the company’s stock worth $217,000 after purchasing an additional 37,590 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new position in NioCorp Developments in the 1st quarter valued at about $694,000. 4.03% of the stock is owned by institutional investors and hedge funds.

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.