NioCorp Developments (NASDAQ:NB) Stock Bumped Down to “Strong Sell” by Wall Street Zen

by · The Markets Daily

Wall Street Zen downgraded shares of NioCorp Developments (NASDAQ:NB – Free Report) from a sell rating to a strong sell rating in a research note released on Saturday morning,Wall Street Zen reports.

Other equities analysts have also recently issued research reports about the stock. Jefferies Financial Group assumed coverage on shares of NioCorp Developments in a research note on Wednesday, September 2nd. They issued a “hold” rating and a $4.70 price target for the company. HC Wainwright restated a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. B. Riley Financial began coverage on shares of NioCorp Developments in a research report on Tuesday, June 9th. They set a “buy” rating and a $12.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NioCorp Developments in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $8.85.

Check Out Our Latest Stock Report on NB

NioCorp Developments Stock Performance

Shares of NB opened at $3.54 on Friday. NioCorp Developments has a 12-month low of $3.40 and a 12-month high of $12.58. The company has a market cap of $515.38 million, a PE ratio of -6.56 and a beta of 0.25. The stock has a 50-day moving average price of $4.29 and a 200-day moving average price of $4.87.

NioCorp Developments (NASDAQ:NB – Get Free Report) last posted its quarterly earnings data on Friday, September 25th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02. As a group, analysts predict that NioCorp Developments will post -0.32 earnings per share for the current year.

Institutional Trading of NioCorp Developments

Hedge funds have recently bought and sold shares of the company. Private Management Group Inc. grew its position in NioCorp Developments by 2.2% during the fourth quarter. Private Management Group Inc. now owns 2,145,364 shares of the company’s stock valued at $11,370,000 after acquiring an additional 46,801 shares during the last quarter. Deltroit Asset Management UK LLP purchased a new position in shares of NioCorp Developments during the fourth quarter worth approximately $5,677,000. Bank of New York Mellon Corp bought a new stake in shares of NioCorp Developments in the 2nd quarter worth approximately $1,988,000. Gratia Capital LLC bought a new stake in shares of NioCorp Developments in the 2nd quarter worth approximately $1,976,000. Finally, Swiss National Bank lifted its holdings in shares of NioCorp Developments by 30.0% in the 1st quarter. Swiss National Bank now owns 287,500 shares of the company’s stock worth $1,282,000 after acquiring an additional 66,300 shares during the last quarter. Institutional investors own 4.03% of the company’s stock.

About NioCorp Developments

(Get Free Report)

NioCorp Developments Ltd. (NASDAQ:NB) is a development-stage critical minerals company focused on advancing the Elk Creek Project in southeastern Nebraska. The company is evaluating the development of a domestic source of niobium, scandium and titanium, along with certain rare earth elements, including neodymium, praseodymium, dysprosium and terbium.

The proposed Elk Creek operation is designed to process mineralized material into products that could support industries such as transportation, aerospace, defense, electronics and clean energy.

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