NioCorp Developments (NASDAQ:NB) Upgraded at Texas Capital

Texas Capital upgraded shares of NioCorp Developments (NASDAQ:NB) to a strong-buy rating in a research note published on Tuesday morning,Zacks reports.

A number of other research analysts have also recently issued reports on NB. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Wall Street Zen raised shares of NioCorp Developments from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 10th. Zacks Research raised shares of NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 14th. Jefferies Financial Group began coverage on NioCorp Developments in a research note on Wednesday, September 2nd. They set a “hold” rating and a $4.70 price target for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a report on Thursday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, NioCorp Developments has a consensus rating of “Moderate Buy” and a consensus price target of $8.85.

NioCorp Developments Stock Down 5.1%

Shares of NASDAQ:NB opened at $2.97 on Tuesday. NioCorp Developments has a twelve month low of $2.93 and a twelve month high of $9.05. The stock’s 50 day moving average is $3.78 and its 200-day moving average is $4.69. The firm has a market capitalization of $432.40 million, a price-to-earnings ratio of -5.50 and a beta of 0.28.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings results on Friday, September 25th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Equities research analysts anticipate that NioCorp Developments will post -0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new stake in shares of NioCorp Developments in the 2nd quarter worth $1,988,000. Gratia Capital LLC purchased a new stake in shares of NioCorp Developments in the second quarter valued at about $1,976,000. Swiss National Bank raised its holdings in shares of NioCorp Developments by 30.0% in the first quarter. Swiss National Bank now owns 287,500 shares of the company’s stock valued at $1,282,000 after purchasing an additional 66,300 shares during the last quarter. Quantinno Capital Management LP bought a new position in shares of NioCorp Developments during the first quarter valued at about $694,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of NioCorp Developments during the first quarter valued at about $535,000. 4.03% of the stock is currently owned by institutional investors.

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.