MP Materials (NYSE:MP) Hits New 12-Month Low – What’s Next?

MP Materials Corp. (NYSE:MP) reached a new 52-week low during trading on Thursday. The company traded as low as $37.59 and last traded at $37.7630, with a volume of 3,507,168 shares. The stock had previously closed at $39.50.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of MP Materials in a research note on Tuesday, September 8th. Deutsche Bank Aktiengesellschaft reduced their target price on MP Materials from $70.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Barclays lowered their target price on MP Materials from $69.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, July 16th. JPMorgan Chase & Co. lowered their price objective on shares of MP Materials from $75.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, July 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $71.92.

MP Materials Stock Performance

The stock has a market cap of $6.86 billion, a P/E ratio of -113.33 and a beta of 1.98. The company has a debt-to-equity ratio of 0.48, a quick ratio of 8.56 and a current ratio of 9.51. The firm’s 50 day moving average is $50.33 and its 200 day moving average is $54.41.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The firm had revenue of $108.49 million for the quarter, compared to analyst estimates of $96.89 million. MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The business’s quarterly revenue was up 89.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.13) earnings per share. Analysts anticipate that MP Materials Corp. will post -0.20 EPS for the current year.

Hedge Funds Weigh In On MP Materials

A number of institutional investors have recently added to or reduced their stakes in the stock. State Street Corp grew its stake in shares of MP Materials by 5.1% in the 2nd quarter. State Street Corp now owns 7,773,746 shares of the company’s stock valued at $435,408,000 after buying an additional 376,519 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of MP Materials in the 2nd quarter worth approximately $65,230,000. Principal Financial Group Inc. raised its position in MP Materials by 32.4% in the first quarter. Principal Financial Group Inc. now owns 919,083 shares of the company’s stock valued at $44,355,000 after purchasing an additional 225,009 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in MP Materials by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 564,808 shares of the company’s stock worth $31,635,000 after purchasing an additional 8,556 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of MP Materials by 1.7% in the first quarter. First Trust Advisors LP now owns 518,108 shares of the company’s stock valued at $25,004,000 after buying an additional 8,663 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Company Profile

MP Materials Corp. is a rare earth materials company focused on restoring and expanding a fully integrated rare earth supply chain in the United States. The company owns and operates the Mountain Pass rare earth mine and processing facility in California, one of the largest rare earth production sites in the Western Hemisphere.

MP Materials primarily produces rare earth concentrate containing neodymium and praseodymium, elements used in high-strength permanent magnets. These magnets are important components in electric vehicles, wind turbines, robotics, defense systems, and other advanced technologies.