NioCorp Developments Ltd. (NASDAQ:NB) Stock Has Average Price Target of $8.85

NioCorp Developments Ltd. (NASDAQ:NB) has earned an average rating of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, two have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $8.85.

A number of brokerages recently weighed in on NB. HC Wainwright reissued a “buy” rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Texas Capital raised shares of NioCorp Developments to a “strong-buy” rating in a research report on Tuesday, October 20th. Jefferies Financial Group started coverage on NioCorp Developments in a research note on Wednesday, September 2nd. They set a “hold” rating and a $4.70 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Thursday, October 15th. Finally, Zacks Research upgraded shares of NioCorp Developments from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 14th.

NioCorp Developments Price Performance

Shares of NB stock opened at $2.95 on Friday. The stock has a market cap of $429.49 million, a P/E ratio of -5.46 and a beta of 0.28. NioCorp Developments has a one year low of $2.84 and a one year high of $8.97. The stock has a fifty day moving average price of $3.73 and a 200 day moving average price of $4.68.

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

Hedge Funds Weigh In On NioCorp Developments

A number of hedge funds have recently bought and sold shares of the company. Abel Hall LLC bought a new stake in shares of NioCorp Developments in the 3rd quarter valued at $71,000. Vontobel Holding Ltd. lifted its stake in NioCorp Developments by 102.4% in the third quarter. Vontobel Holding Ltd. now owns 45,864 shares of the company’s stock valued at $165,000 after purchasing an additional 23,200 shares during the last quarter. 4WEALTH Advisors Inc. lifted its position in shares of NioCorp Developments by 29.3% during the third quarter. 4WEALTH Advisors Inc. now owns 90,155 shares of the company’s stock worth $315,000 after acquiring an additional 20,405 shares in the last quarter. GK Wealth Management LLC purchased a new position in shares of NioCorp Developments during the 3rd quarter valued at $28,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of NioCorp Developments by 48.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 38,140 shares of the company’s stock worth $137,000 after buying an additional 12,434 shares during the last quarter. Institutional investors own 4.03% of the company’s stock.

NioCorp Developments Company Profile

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.