Wall Street Zen Downgrades NioCorp Developments (NASDAQ:NB) to Strong Sell

NioCorp Developments (NASDAQ:NB) was downgraded by equities researchers at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued on Saturday, Wall Street Zen reports.

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

NioCorp Developments Price Performance

NB opened at $3.54 on Friday. The business has a fifty day moving average of $4.29 and a 200 day moving average of $4.87. The stock has a market cap of $515.39 million, a P/E ratio of -6.56 and a beta of 0.25. NioCorp Developments has a 52-week low of $3.40 and a 52-week high of $12.58.

NioCorp Developments (NASDAQ:NB) last released its earnings results on Friday, September 25th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. Equities analysts anticipate that NioCorp Developments will post -0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On NioCorp Developments

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Deltroit Asset Management UK LLP purchased a new position in shares of NioCorp Developments during the fourth quarter valued at $5,677,000. Bank of New York Mellon Corp bought a new stake in shares of NioCorp Developments in the second quarter valued at about $1,988,000. Gratia Capital LLC bought a new stake in shares of NioCorp Developments in the second quarter valued at about $1,976,000. Quantinno Capital Management LP purchased a new stake in NioCorp Developments in the first quarter worth about $694,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in NioCorp Developments in the first quarter worth about $535,000. 4.03% of the stock is owned by institutional investors.

NioCorp Developments Company Profile

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.