Brokerages Set NioCorp Developments Ltd. (NASDAQ:NB) PT at $10.23

NioCorp Developments Ltd. (NASDAQ:NB) has been given a consensus recommendation of “Hold” by the six ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $8.85.

A number of equities research analysts recently issued reports on NB shares. Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research note on Friday, July 17th. Wall Street Zen downgraded shares of NioCorp Developments from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. HC Wainwright reiterated a “buy” rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. B. Riley Financial started coverage on shares of NioCorp Developments in a research note on Tuesday, June 9th. They set a “buy” rating and a $12.00 target price for the company. Finally, Zacks Research lowered shares of NioCorp Developments from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th.

Hedge Funds Weigh In On NioCorp Developments

A number of hedge funds have recently made changes to their positions in the company. Harfst & Associates Inc. increased its position in shares of NioCorp Developments by 76.1% during the fourth quarter. Harfst & Associates Inc. now owns 184,620 shares of the company’s stock worth $978,000 after purchasing an additional 79,810 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in NioCorp Developments in the 1st quarter valued at $535,000. Quantinno Capital Management LP purchased a new position in NioCorp Developments in the 1st quarter valued at $694,000. Deltroit Asset Management UK LLP purchased a new position in NioCorp Developments in the 4th quarter valued at $5,677,000. Finally, Private Management Group Inc. boosted its stake in NioCorp Developments by 2.2% during the 4th quarter. Private Management Group Inc. now owns 2,145,364 shares of the company’s stock worth $11,370,000 after purchasing an additional 46,801 shares during the last quarter. Institutional investors and hedge funds own 4.03% of the company’s stock.

NioCorp Developments Price Performance

Shares of NB stock opened at $4.13 on Friday. The company has a market cap of $601.27 million, a price-to-earnings ratio of -6.07 and a beta of 0.25. The stock has a 50 day simple moving average of $4.56 and a 200-day simple moving average of $5.04. NioCorp Developments has a 1-year low of $3.82 and a 1-year high of $12.58.

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.