MP Materials (NYSE:MP) Sets New 52-Week High on Analyst Upgrade

MP Materials Corp. (NYSE:MP) shares reached a new 52-week high on Monday after Canaccord Genuity Group raised their price target on the stock from $64.00 to $77.00. Canaccord Genuity Group currently has a buy rating on the stock. MP Materials traded as high as $82.50 and last traded at $77.21, with a volume of 6728518 shares traded. The stock had previously closed at $74.32.

MP has been the subject of a number of other research reports. Robert W. Baird increased their target price on MP Materials from $52.00 to $69.00 and gave the company an “outperform” rating in a report on Wednesday, July 23rd. Deutsche Bank Aktiengesellschaft increased their target price on MP Materials from $20.00 to $69.00 and gave the company a “hold” rating in a report on Thursday, July 17th. Cowen restated a “buy” rating on shares of MP Materials in a report on Friday. Wall Street Zen upgraded MP Materials from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Finally, Morgan Stanley set a $65.00 target price on MP Materials and gave the company an “equal weight” rating in a report on Thursday, July 31st. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.63.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. LPL Financial LLC lifted its stake in shares of MP Materials by 11.2% in the 4th quarter. LPL Financial LLC now owns 126,435 shares of the company’s stock valued at $1,972,000 after purchasing an additional 12,782 shares during the period. Envestnet Asset Management Inc. increased its holdings in MP Materials by 3.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company’s stock worth $322,000 after purchasing an additional 662 shares in the last quarter. Invesco Ltd. grew its holdings in shares of MP Materials by 0.4% in the 4th quarter. Invesco Ltd. now owns 2,118,580 shares of the company’s stock valued at $33,050,000 after acquiring an additional 7,453 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of MP Materials in the 4th quarter valued at about $6,284,000. Finally, Sterling Capital Management LLC grew its holdings in shares of MP Materials by 57.2% in the 4th quarter. Sterling Capital Management LLC now owns 7,852 shares of the company’s stock valued at $122,000 after acquiring an additional 2,858 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Price Performance

The company has a market cap of $11.89 billion, a P/E ratio of -115.41 and a beta of 2.30. The company has a fifty day moving average price of $45.24 and a two-hundred day moving average price of $31.19. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.12 and a current ratio of 3.60.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.03. The business had revenue of $57.39 million during the quarter, compared to the consensus estimate of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. MP Materials’s revenue was up 83.6% on a year-over-year basis. During the same period last year, the business posted ($0.17) EPS. On average, sell-side analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

MP Materials Company Profile

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.