NioCorp Developments (NASDAQ:NB) Now Covered by B. Riley Financial

Equities research analysts at B. Riley Financial started coverage on shares of NioCorp Developments (NASDAQ:NB) in a report released on Tuesday. The brokerage set a “buy” rating and a $12.00 price target on the stock. B. Riley Financial’s price objective would suggest a potential upside of 140.48% from the stock’s previous close.

NB has been the subject of a number of other reports. HC Wainwright cut their price target 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a research note on Tuesday, April 21st. Finally, Zacks Research downgraded NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.93.

NioCorp Developments Trading Down 2.7%

Shares of NioCorp Developments stock opened at $4.99 on Tuesday. The stock has a 50-day moving average price of $5.51 and a 200 day moving average price of $5.72. The company has a market cap of $726.49 million, a P/E ratio of -7.34 and a beta of 0.22. NioCorp Developments has a 1 year low of $2.17 and a 1 year high of $12.58.

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, hitting the consensus estimate of ($0.02). On average, equities analysts forecast that NioCorp Developments will post -0.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Alyeska Investment Group L.P. increased its holdings in shares of NioCorp Developments by 67.0% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company’s stock valued at $18,711,000 after acquiring an additional 1,123,863 shares during the last quarter. Private Management Group Inc. grew its holdings in NioCorp Developments by 2.2% in the 4th quarter. Private Management Group Inc. now owns 2,145,364 shares of the company’s stock valued at $11,370,000 after buying an additional 46,801 shares during the last quarter. State Street Corp grew its holdings in NioCorp Developments by 67.9% in the 4th quarter. State Street Corp now owns 1,768,356 shares of the company’s stock valued at $9,372,000 after buying an additional 715,288 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new stake in NioCorp Developments in the 3rd quarter valued at approximately $9,770,000. Finally, Brevan Howard Capital Management LP acquired a new stake in NioCorp Developments in the 3rd quarter valued at approximately $9,690,000. Institutional investors and hedge funds 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.