Brokerages Set NioCorp Developments Ltd. (NASDAQ:NB) Price Target at $8.32

NioCorp Developments Ltd. (NASDAQ:NB) has been assigned an average rating of “Hold” from the five brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $8.3167.

A number of research analysts have recently weighed in on NB shares. Zacks Research cut NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 13th. Weiss Ratings restated a “sell (d-)” rating on shares of NioCorp Developments in a research report on Thursday, January 22nd. Loop Capital set a $8.70 price target on NioCorp Developments in a research report on Wednesday, January 7th. Finally, HC Wainwright raised their price target on NioCorp Developments from $9.50 to $11.25 and gave the company a “buy” rating in a research report on Tuesday, January 13th.

NioCorp Developments Stock Performance

NASDAQ:NB opened at $4.59 on Wednesday. NioCorp Developments has a 1 year low of $1.89 and a 1 year high of $12.58. The stock has a market capitalization of $655.12 million, a price-to-earnings ratio of -5.67 and a beta of -0.03. The stock has a fifty day moving average price of $5.31 and a two-hundred day moving average price of $6.26.

NioCorp Developments (NASDAQ:NB) last announced its quarterly earnings results on Friday, February 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.88) by $0.83. On average, analysts predict that NioCorp Developments will post -0.34 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NB. CWM LLC increased its position in NioCorp Developments by 15.4% during the 3rd quarter. CWM LLC now owns 8,912 shares of the company’s stock worth $60,000 after purchasing an additional 1,188 shares in the last quarter. Legal & General Group Plc increased its position in 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 in the last quarter. Royal Bank of Canada increased its position in NioCorp Developments by 24.9% during the 4th quarter. Royal Bank of Canada now owns 11,272 shares of the company’s stock worth $61,000 after purchasing an additional 2,244 shares in the last quarter. Pittenger & Anderson Inc. increased its position in NioCorp Developments by 74.6% during 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 in the last quarter. Finally, NewEdge Advisors LLC increased its position in NioCorp Developments by 11.6% during the 4th quarter. NewEdge Advisors LLC now owns 37,873 shares of the company’s stock worth $201,000 after purchasing an additional 3,942 shares in the last quarter. Hedge funds and other institutional investors own 4.03% of the company’s stock.

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.