NioCorp Developments (NASDAQ:NB) Raised to Hold at Wall Street Zen

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

A number of other brokerages have also recently issued reports on NB. B. Riley Financial started coverage on NioCorp Developments in a research note on Tuesday. They set a “buy” rating and a $12.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research note on Tuesday, April 21st. HC Wainwright dropped their price objective on NioCorp Developments from $11.25 to $10.00 and set a “buy” rating for the company in a research note on Thursday, April 9th. Finally, Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Four 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.93.

NioCorp Developments Stock Performance

NB stock opened at $5.40 on Friday. The company has a market capitalization of $786.19 million, a PE ratio of -7.94 and a beta of 0.21. NioCorp Developments has a one year low of $2.17 and a one year high of $12.58. The company’s 50 day moving average price is $5.57 and its two-hundred day moving average price is $5.71.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). On average, research analysts predict that NioCorp Developments will post -0.48 EPS for the current year.

Hedge Funds Weigh In On NioCorp Developments

A number of institutional investors have recently bought and sold shares of NB. Geode Capital Management LLC raised its stake in NioCorp Developments by 2,376.5% in the second quarter. Geode Capital Management LLC now owns 644,182 shares of the company’s stock worth $1,501,000 after buying an additional 618,170 shares in the last quarter. Creative Planning purchased a new stake in NioCorp Developments in the second quarter worth $57,000. JPMorgan Chase & Co. grew its stake in NioCorp Developments by 48,003.9% in the second quarter. JPMorgan Chase & Co. now owns 24,533 shares of the company’s stock worth $57,000 after purchasing an additional 24,482 shares during the period. XTX Topco Ltd purchased a new stake in NioCorp Developments in the second quarter worth $75,000. Finally, New York State Common Retirement Fund purchased a new stake in NioCorp Developments in the second quarter worth $85,000. 4.03% of the stock is owned by institutional investors.

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.