MP Materials (NYSE:MP) Receives “Buy” Rating from DA Davidson

DA Davidson reaffirmed their buy rating on shares of MP Materials (NYSE:MP) in a research note published on Friday,Benzinga reports. The firm currently has a $82.00 price target on the stock.

A number of other research analysts have also weighed in on MP. Canaccord Genuity Group upped their price objective on MP Materials from $64.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, August 8th. JPMorgan Chase & Co. upped their price target on shares of MP Materials from $18.00 to $64.00 and gave the stock a “neutral” rating in a research note on Monday, July 21st. Bank of America increased their price target on shares of MP Materials from $78.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Daiwa America raised shares of MP Materials to a “strong-buy” rating in a report on Monday, September 22nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.80.

MP Materials Stock Performance

Shares of MP Materials stock traded up $6.64 on Friday, reaching $58.59. 23,292,875 shares of the stock were exchanged, compared to its average volume of 20,394,358. The firm has a market capitalization of $10.38 billion, a PE ratio of -82.52 and a beta of 2.26. MP Materials has a 1-year low of $15.56 and a 1-year high of $100.25. The business has a fifty day moving average price of $69.71 and a two-hundred day moving average price of $51.52. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.05. The company had revenue of $53.55 million for the quarter, compared to analyst estimates of $49.72 million. MP Materials had a negative return on equity of 9.42% and a negative net margin of 50.55%.The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.12) EPS. As a group, research analysts anticipate that MP Materials will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the sale, the chief operating officer owned 1,284,409 shares in the company, valued at approximately $92,503,136.18. This represents a 10.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 9.50% of the company’s stock.

Institutional Trading of MP Materials

Several institutional investors and hedge funds have recently made changes to their positions in MP. Vanguard Group Inc. raised its stake in MP Materials by 2.7% in the 3rd quarter. Vanguard Group Inc. now owns 14,020,574 shares of the company’s stock valued at $940,360,000 after purchasing an additional 363,975 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of MP Materials during the 2nd quarter worth about $132,238,000. Invesco Ltd. grew its holdings in shares of MP Materials by 14.3% during the second quarter. Invesco Ltd. now owns 3,033,612 shares of the company’s stock worth $100,928,000 after buying an additional 378,510 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of MP Materials by 76.3% in the second quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock valued at $97,200,000 after buying an additional 1,264,243 shares during the last quarter. Finally, Reaves W H & Co. Inc. lifted its stake in shares of MP Materials by 168.4% during the third quarter. Reaves W H & Co. Inc. now owns 2,589,908 shares of the company’s stock valued at $173,705,000 after buying an additional 1,624,908 shares during the period. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

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.