MP Materials (NYSE:MP) Stock Jumps 1.4% – Here’s Why

Shares of MP Materials Corp. (NYSE:MP) shot up 1.4% during trading on Thursday. The stock traded as high as $42.54 and last traded at $41.6530. 4,486,529 shares traded hands during trading, a decline of 29% from the average session volume of 6,342,231 shares. The stock had previously closed at $41.06.

Analysts Set New Price Targets

MP has been the subject of a number of research reports. Citigroup reaffirmed a “positive” rating on shares of MP Materials in a research note on Wednesday, July 15th. Jefferies Financial Group reiterated a “buy” rating on shares of MP Materials in a research report on Tuesday, September 8th. Robert W. Baird lowered their price target on shares of MP Materials from $80.00 to $65.00 and set an “outperform” rating for the company in a research note on Thursday, October 1st. Needham & Company LLC cut their price target on shares of MP Materials from $81.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Finally, Barclays reduced their price objective on MP Materials from $69.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.92.

MP Materials Price Performance

The company has a quick ratio of 8.56, a current ratio of 9.51 and a debt-to-equity ratio of 0.48. The stock has a market cap of $7.42 billion, a P/E ratio of -122.51 and a beta of 1.98. The firm’s fifty day moving average price is $48.56 and its 200-day moving average price is $55.45.

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

Hedge Funds Weigh In On MP Materials

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of MP Materials by 0.8% in the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 135,652 shares of the company’s stock worth $6,389,000 after purchasing an additional 1,131 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in MP Materials by 9.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 32,761 shares of the company’s stock valued at $1,549,000 after purchasing an additional 2,865 shares during the last quarter. ProShare Advisors LLC lifted its holdings in MP Materials by 6.5% in the 3rd quarter. ProShare Advisors LLC now owns 5,686 shares of the company’s stock worth $269,000 after buying an additional 349 shares during the period. State of Wyoming purchased a new stake in MP Materials in the 3rd quarter worth approximately $90,000. Finally, International Assets Investment Management LLC bought a new stake in shares of MP Materials in the 3rd quarter worth approximately $473,000. 52.55% of the stock is owned by institutional investors.

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.