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

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

Several other research analysts have also recently weighed in on NB. Zacks Research upgraded NioCorp Developments from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 14th. HC Wainwright reaffirmed a “buy” rating on shares of NioCorp Developments in a report on Wednesday, July 15th. Texas Capital upgraded NioCorp Developments to a “strong-buy” rating in a research report on Tuesday, October 20th. Jefferies Financial Group assumed coverage on NioCorp Developments in a research note on Wednesday, September 2nd. They set a “hold” rating and a $4.70 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NioCorp Developments in a research note on Thursday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $8.85.

NioCorp Developments Trading Up 7.4%

NB opened at $2.90 on Friday. NioCorp Developments has a twelve month low of $2.59 and a twelve month high of $8.18. The firm has a market capitalization of $422.96 million, a PE ratio of -5.37 and a beta of 0.30. The firm’s 50-day moving average price is $3.48 and its 200 day moving average price is $4.81.

NioCorp Developments (NASDAQ:NB) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). As a group, analysts predict that NioCorp Developments will post -0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NioCorp Developments

A number of institutional investors have recently bought and sold shares of the company. Allen Capital Group LLC increased its position in shares of NioCorp Developments by 15.8% during the 1st quarter. Allen Capital Group LLC now owns 19,718 shares of the company’s stock worth $88,000 after purchasing an additional 2,690 shares during the last quarter. Keybank National Association OH raised its holdings in NioCorp Developments by 22.8% in the 1st quarter. Keybank National Association OH now owns 15,963 shares of the company’s stock valued at $71,000 after buying an additional 2,963 shares during the period. Victory Financial Group LLC lifted its position in NioCorp Developments by 23.6% in the third quarter. Victory Financial Group LLC now owns 15,735 shares of the company’s stock valued at $57,000 after buying an additional 3,000 shares during the last quarter. Spectrum Advisors Inc. lifted its position in NioCorp Developments by 24.4% in the third quarter. Spectrum Advisors Inc. now owns 25,500 shares of the company’s stock valued at $92,000 after buying an additional 5,000 shares during the last quarter. Finally, Cetera Investment Advisers boosted its stake in NioCorp Developments by 11.5% during the first quarter. Cetera Investment Advisers now owns 65,848 shares of the company’s stock worth $294,000 after buying an additional 6,783 shares during the period. 4.03% of the stock is owned by hedge funds and other institutional investors.

About NioCorp Developments

NioCorp Developments Ltd. is a mineral-development company focused on advancing the Elk Creek Critical Minerals Project in southeastern Nebraska. The proposed project is designed to produce niobium, scandium and titanium, along with potential rare earth products, from a carbonatite ore body. These minerals are used in applications such as high-strength steel, aerospace components, lightweight alloys, permanent magnets and other advanced technologies.

NioCorp is focused on permitting, project financing, engineering and development rather than operating a producing mine.