MP Materials (NYSE:MP) Stock Price Up 1.8% on Analyst Upgrade

Shares of MP Materials Corp. (NYSE:MP) traded up 1.8% during mid-day trading 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 $75.64. 11,143,433 shares changed hands during trading, an increase of 22% from the average session volume of 9,107,537 shares. The stock had previously closed at $74.32.

A number of other research firms have also recently weighed in on MP. Deutsche Bank Aktiengesellschaft increased their price target on MP Materials from $20.00 to $69.00 and gave the stock a “hold” rating in a report on Thursday, July 17th. Robert W. Baird upped their target price on shares of MP Materials from $52.00 to $69.00 and gave the company an “outperform” rating in a research report on Wednesday, July 23rd. Morgan Stanley set a $65.00 price target on shares of MP Materials and gave the company an “equal weight” rating in a research report on Thursday, July 31st. Jefferies Financial Group raised shares of MP Materials from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research note on Friday, August 1st. Finally, JPMorgan Chase & Co. raised their price target on MP Materials from $18.00 to $64.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, MP Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.63.

Hedge Funds Weigh In On MP Materials

Several hedge funds and other institutional investors have recently made changes to their positions in MP. Price T Rowe Associates Inc. MD increased its holdings in MP Materials by 44.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company’s stock valued at $101,986,000 after buying an additional 2,005,505 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in shares of MP Materials during the first quarter worth about $34,288,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of MP Materials by 429.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company’s stock valued at $37,839,000 after purchasing an additional 1,257,282 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of MP Materials during the fourth quarter worth approximately $14,886,000. Finally, Vanguard Group Inc. lifted its holdings in shares of MP Materials by 7.4% during the first quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company’s stock worth $333,503,000 after purchasing an additional 942,105 shares during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Trading Up 3.1%

The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.12 and a current ratio of 3.60. The business’s 50-day moving average is $46.30 and its two-hundred day moving average is $31.49. The stock has a market capitalization of $12.25 billion, a PE ratio of -118.95 and a beta of 2.30.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The firm had revenue of $57.39 million during the quarter, compared to the consensus estimate of $44.84 million. During the same quarter last year, the firm earned ($0.17) earnings per share. The firm’s revenue was up 83.6% compared to the same quarter last year. As a group, equities research analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current 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.