MP Materials (NYSE:MP) PT Raised to $23.00 at DA Davidson

MP Materials (NYSE:MP) had its price objective increased by stock analysts at DA Davidson from $20.00 to $23.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. DA Davidson’s price target would indicate a potential upside of 35.65% from the company’s previous close.

Other analysts have also issued reports about the company. BMO Capital Markets raised their price target on MP Materials from $15.50 to $16.00 and gave the stock a “market perform” rating in a research note on Monday. Morgan Stanley raised their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. dropped their price target on shares of MP Materials from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Benchmark reiterated a “buy” rating and issued a $30.00 price target on shares of MP Materials in a report on Friday, August 2nd. Finally, Canaccord Genuity Group dropped their price objective on MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, MP Materials presently has a consensus rating of “Moderate Buy” and an average target price of $20.85.

MP Materials Stock Performance

Shares of MP opened at $16.96 on Tuesday. MP Materials has a 1 year low of $10.02 and a 1 year high of $20.85. The company’s 50 day simple moving average is $13.45 and its 200 day simple moving average is $14.61. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of -113.03 and a beta of 2.23. The company has a debt-to-equity ratio of 0.84, a quick ratio of 6.17 and a current ratio of 6.90.

MP Materials (NYSE:MP) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.08). The business had revenue of $31.26 million for the quarter, compared to analysts’ expectations of $40.03 million. MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The company’s revenue for the quarter was down 51.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.07 EPS. On average, sell-side analysts predict that MP Materials will post -0.47 EPS for the current year.

MP Materials announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 3rd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 13.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal purchased 30,000 shares of MP Materials stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $10.84 per share, with a total value of $325,200.00. Following the completion of the acquisition, the chief operating officer now owns 1,402,975 shares of the company’s stock, valued at approximately $15,208,249. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD raised its stake in MP Materials by 2,536.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock valued at $23,767,000 after buying an additional 1,598,861 shares in the last quarter. Millennium Management LLC lifted its stake in MP Materials by 425.5% during the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after purchasing an additional 648,838 shares during the last quarter. Bank of Montreal Can boosted its holdings in MP Materials by 188.1% in the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock worth $11,462,000 after purchasing an additional 586,906 shares during the period. Norges Bank bought a new stake in MP Materials during the fourth quarter valued at $10,484,000. Finally, Pinnacle Associates Ltd. raised its holdings in shares of MP Materials by 151.1% during the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock worth $10,382,000 after purchasing an additional 490,767 shares during the period. 52.55% of the stock is currently owned by institutional investors.

About MP Materials

MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It holds the mineral rights to the Mountain Pass mine and surrounding areas, as well as intellectual property rights related to the processing and development of rare earth minerals.