MP Materials (NYSE:MP) Earns Buy Rating from DA Davidson

MP Materials (NYSE:MP)‘s stock had its “buy” rating restated by equities research analysts at DA Davidson in a report released on Thursday,Benzinga reports. They currently have a $82.00 price target on the stock. DA Davidson’s target price would indicate a potential upside of 39.38% from the company’s previous close.

Several other research analysts have also commented on MP. BMO Capital Markets assumed coverage on shares of MP Materials in a report on Thursday, October 9th. They issued a “market perform” rating and a $76.00 price target for the company. JPMorgan Chase & Co. upgraded shares of MP Materials from a “neutral” rating to an “overweight” rating and lowered their price target for the stock from $75.00 to $74.00 in a research report on Friday, November 14th. Canaccord Genuity Group boosted their target price on shares of MP Materials from $64.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Benchmark restated a “buy” rating on shares of MP Materials in a research note on Friday, August 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $78.82.

MP Materials Stock Performance

NYSE:MP traded down $4.72 during trading hours on Thursday, reaching $58.83. 10,414,378 shares of the stock were exchanged, compared to its average volume of 10,902,779. The stock has a market capitalization of $10.43 billion, a P/E ratio of -83.38 and a beta of 2.26. The firm has a 50 day simple moving average of $68.92 and a 200-day simple moving average of $53.71. The company has a quick ratio of 7.51, a current ratio of 8.05 and a debt-to-equity ratio of 0.47. MP Materials has a 52 week low of $15.56 and a 52 week high of $100.25.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.05. The business 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 7.69% and a negative net margin of 50.55%.The business’s revenue was down 14.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.12) EPS. As a group, sell-side analysts forecast that MP Materials will post -0.19 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Ryan Corbett sold 20,000 shares of the firm’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $57.72, for a total transaction of $1,154,400.00. Following the completion of the transaction, the chief financial officer owned 194,812 shares in the company, valued at approximately $11,244,548.64. This trade represents a 9.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Michael Stuart Rosenthal sold 150,000 shares of MP Materials stock in a transaction that occurred 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 completion of the transaction, the chief operating officer directly owned 1,284,409 shares in the company, valued at $92,503,136.18. This represents a 10.46% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 9.50% of the company’s stock.

Institutional Trading of MP Materials

Large investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its holdings in shares of MP Materials by 12.6% in the first quarter. Envestnet Asset Management Inc. now owns 23,254 shares of the company’s stock valued at $568,000 after buying an additional 2,604 shares in the last quarter. Cerity Partners LLC raised its position in shares of MP Materials by 99.7% during the first quarter. Cerity Partners LLC now owns 20,308 shares of the company’s stock worth $496,000 after purchasing an additional 10,138 shares during the period. CWM LLC raised its position in shares of MP Materials by 16.5% during the first quarter. CWM LLC now owns 3,566 shares of the company’s stock worth $87,000 after purchasing an additional 505 shares during the period. IFP Advisors Inc boosted its position in shares of MP Materials by 47.8% in the 1st quarter. IFP Advisors Inc now owns 2,970 shares of the company’s stock valued at $76,000 after purchasing an additional 960 shares during the period. Finally, Allianz Asset Management GmbH acquired a new position in shares of MP Materials in the 1st quarter valued at $274,000. 52.55% of the stock is currently owned by 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.