Analysts Set NioCorp Developments Ltd. (NASDAQ:NB) Target Price at $8.93

Shares of NioCorp Developments Ltd. (NASDAQ:NB) have been assigned a consensus recommendation of “Hold” from the five ratings firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $10.2333.

NB has been the topic of a number of research analyst reports. HC Wainwright restated a “buy” rating on shares of NioCorp Developments in a research note on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research report on Tuesday, April 21st. Wall Street Zen lowered NioCorp Developments from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. B. Riley Financial began coverage on NioCorp Developments in a research note on Tuesday, June 9th. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Zacks Research lowered NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th.

Institutional Trading of NioCorp Developments

A number of large investors have recently added to or reduced their stakes in NB. Sound Income Strategies LLC purchased a new position in NioCorp Developments in the first quarter valued at about $25,000. Russell Investments Group Ltd. purchased a new stake in shares of NioCorp Developments during the 3rd quarter worth approximately $40,000. Legal & General Group Plc increased its stake in shares of NioCorp Developments by 31.6% during the 3rd quarter. Legal & General Group Plc now owns 7,584 shares of the company’s stock worth $51,000 after purchasing an additional 1,822 shares during the last quarter. Pittenger & Anderson Inc. raised its holdings in shares of NioCorp Developments by 74.6% in the 4th quarter. Pittenger & Anderson Inc. now owns 7,665 shares of the company’s stock worth $41,000 after purchasing an additional 3,275 shares during the period. Finally, IFP Advisors Inc raised its holdings in shares of NioCorp Developments by 7,838.0% in the 3rd quarter. IFP Advisors Inc now owns 7,938 shares of the company’s stock worth $53,000 after purchasing an additional 7,838 shares during the period. Hedge funds and other institutional investors own 4.03% of the company’s stock.

NioCorp Developments Price Performance

Shares of NB stock opened at $4.37 on Friday. The firm has a 50-day moving average of $5.21 and a 200-day moving average of $5.50. NioCorp Developments has a one year low of $2.64 and a one year high of $12.58. The company has a market cap of $636.23 million, a P/E ratio of -6.43 and a beta of 0.24.

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

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.