MP Materials (NYSE:MP) Price Target Raised to $29.00

MP Materials (NYSE:MP) had its price objective lifted by BMO Capital Markets from $22.00 to $29.00 in a research report released on Thursday,Benzinga reports. They currently have a market perform rating on the stock.

MP has been the subject of several other reports. DA Davidson boosted their price objective on MP Materials from $25.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday. Canaccord Genuity Group upped their price target on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $23.61.

MP Materials Price Performance

Shares of MP opened at $25.81 on Thursday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. The stock has a 50 day simple moving average of $23.36 and a 200 day simple moving average of $19.74. MP Materials has a 52-week low of $10.02 and a 52-week high of $27.29. The firm has a market capitalization of $4.22 billion, a PE ratio of -43.75 and a beta of 2.32.

MP Materials (NYSE:MP) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.05). MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. The business had revenue of $60.99 million during the quarter, compared to analyst estimates of $50.71 million. Sell-side analysts predict that MP Materials will post -0.19 EPS for the current fiscal year.

Insider Activity

In other news, CEO James H. Litinsky sold 489,918 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 15,153,158 shares of the company’s stock, valued at approximately $405,650,039.66. This represents a 3.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Ryan Corbett sold 60,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $25.51, for a total value of $1,530,600.00. Following the completion of the sale, the chief financial officer now directly owns 230,100 shares of the company’s stock, valued at approximately $5,869,851. The trade was a 20.68 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,112,316 shares of company stock valued at $28,665,974. 12.60% of the stock is owned by insiders.

Institutional Investors Weigh In On MP Materials

Large investors have recently added to or reduced their stakes in the business. Oak Family Advisors LLC bought a new stake in MP Materials in the 4th quarter valued at $530,000. Quest Partners LLC raised its stake in MP Materials by 806.0% in the 3rd quarter. Quest Partners LLC now owns 42,944 shares of the company’s stock valued at $758,000 after acquiring an additional 38,204 shares during the period. SG Americas Securities LLC raised its stake in MP Materials by 167.3% in the 4th quarter. SG Americas Securities LLC now owns 35,902 shares of the company’s stock valued at $560,000 after acquiring an additional 22,473 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in MP Materials in the 3rd quarter valued at $2,300,000. Finally, Principal Financial Group Inc. raised its stake in MP Materials by 35.7% in the 3rd quarter. Principal Financial Group Inc. now owns 604,892 shares of the company’s stock valued at $10,676,000 after acquiring an additional 159,200 shares during the period. Institutional investors own 52.55% of the company’s stock.

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.