MP Materials (NYSE:MP) Stock Price Up 5.1% Following Analyst Upgrade

MP Materials Corp. (NYSE:MP)’s share price was up 5.1% during mid-day trading on Monday after Canaccord Genuity Group raised their price target on the stock from $27.00 to $55.00. Canaccord Genuity Group currently has a buy rating on the stock. MP Materials traded as high as $48.96 and last traded at $47.42. Approximately 10,976,812 shares changed hands during trading, an increase of 107% from the average daily volume of 5,290,539 shares. The stock had previously closed at $45.11.

A number of other equities research analysts have also weighed in on MP. Jefferies Financial Group reaffirmed a “hold” rating and set a $33.00 target price (up previously from $32.00) on shares of MP Materials in a research note on Monday, July 7th. JPMorgan Chase & Co. reduced their target price on MP Materials from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Monday, May 12th. Morgan Stanley raised MP Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $23.00 to $34.00 in a research report on Thursday, June 5th. DA Davidson lifted their price target on MP Materials from $25.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Finally, BMO Capital Markets increased their price objective on MP Materials from $22.00 to $29.00 and gave the stock a “market perform” rating in a report on Thursday, March 20th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, MP Materials has an average rating of “Moderate Buy” and an average target price of $31.28.

Institutional Trading of MP Materials

Hedge funds and other institutional investors have recently made changes to their positions in the stock. AdvisorNet Financial Inc lifted its stake in shares of MP Materials by 168.7% in the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock worth $27,000 after buying an additional 506 shares in the last quarter. NBC Securities Inc. raised its holdings in MP Materials by 119,900.0% in the 1st quarter. NBC Securities Inc. now owns 1,200 shares of the company’s stock worth $29,000 after acquiring an additional 1,199 shares during the last quarter. MAI Capital Management lifted its position in MP Materials by 132.7% in the 1st quarter. MAI Capital Management now owns 1,403 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in MP Materials during the 1st quarter valued at $35,000. Finally, Banque Cantonale Vaudoise purchased a new stake in MP Materials during the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Trading Up 20.4%

The stock has a fifty day simple moving average of $28.85 and a 200 day simple moving average of $25.23. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.58 and a current ratio of 4.12. The firm has a market cap of $9.55 billion, a P/E ratio of -89.88 and a beta of 2.26.

MP Materials (NYSE:MP) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). MP Materials had a negative net margin of 48.41% and a negative return on equity of 9.77%. The business had revenue of $60.81 million for the quarter, compared to analysts’ expectations of $64.74 million. During the same period last year, the business earned ($0.04) earnings per share. The company’s quarterly revenue was up 24.9% on a year-over-year basis. On average, research analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

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.