MP Materials (NYSE:MP) Given New $29.00 Price Target at BMO Capital Markets

MP Materials (NYSE:MP) had its target price boosted by BMO Capital Markets from $22.00 to $29.00 in a report released on Thursday morning,Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

MP has been the topic of several other reports. DA Davidson increased their target price on MP Materials from $25.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday. Canaccord Genuity Group increased their target price on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.61.

MP Materials Stock Down 1.7 %

MP stock opened at $25.81 on Thursday. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of -43.75 and a beta of 2.32. The business’s fifty day moving average price is $23.36 and its two-hundred day moving average price is $19.74. MP Materials has a fifty-two week low of $10.02 and a fifty-two week high of $27.29.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, February 20th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.05). The firm had revenue of $60.99 million for the quarter, compared to the consensus estimate of $50.71 million. MP Materials had a negative return on equity of 8.44% and a negative net margin of 32.09%. On average, equities analysts anticipate that MP Materials will post -0.19 earnings per share for the current year.

Insider Activity at MP Materials

In related news, CEO James H. Litinsky sold 489,918 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $26.77, for a total value of $13,115,104.86. Following the sale, the chief executive officer now directly owns 15,153,158 shares of the company’s stock, valued at $405,650,039.66. This trade represents a 3.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Ryan Corbett sold 15,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $27.00, for a total value of $405,000.00. Following the completion of the sale, the chief financial officer now directly owns 214,812 shares in the company, valued at $5,799,924. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,112,316 shares of company stock valued at $28,665,974 over the last ninety days. 12.60% of the stock is owned by corporate insiders.

Institutional Trading of MP Materials

A number of hedge funds have recently made changes to their positions in the company. JT Stratford LLC boosted its stake in shares of MP Materials by 0.7% during the fourth quarter. JT Stratford LLC now owns 63,685 shares of the company’s stock valued at $993,000 after purchasing an additional 424 shares in the last quarter. Captrust Financial Advisors boosted its stake in shares of MP Materials by 5.0% during the third quarter. Captrust Financial Advisors now owns 11,734 shares of the company’s stock valued at $207,000 after purchasing an additional 557 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of MP Materials by 3.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company’s stock valued at $322,000 after purchasing an additional 662 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of MP Materials by 40.3% during the fourth quarter. Quadrant Capital Group LLC now owns 2,441 shares of the company’s stock valued at $38,000 after purchasing an additional 701 shares in the last quarter. Finally, SWS Partners boosted its stake in shares of MP Materials by 0.4% during the fourth quarter. SWS Partners now owns 162,503 shares of the company’s stock valued at $2,535,000 after purchasing an additional 707 shares in the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

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.