Canaccord Genuity Group Forecasts Strong Price Appreciation for MP Materials (NYSE:MP) Stock

MP Materials (NYSE:MP) had its price target lifted by Canaccord Genuity Group from $23.00 to $26.00 in a report published on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other brokerages also recently commented on MP. JPMorgan Chase & Co. boosted their price objective on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Morgan Stanley upped their price objective on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. BMO Capital Markets lifted their target price on MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a report on Tuesday, August 6th. Finally, Robert W. Baird upped their price objective on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.10.

MP Materials Trading Up 2.9 %

Shares of MP Materials stock opened at $20.84 on Wednesday. The firm’s 50-day moving average price is $18.13 and its two-hundred day moving average price is $15.48. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of -38.59 and a beta of 2.23. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. MP Materials has a 12-month low of $10.02 and a 12-month high of $21.26.

MP Materials declared that its Board of Directors has initiated a stock buyback plan on Tuesday, September 3rd that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to purchase up to 13.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, CFO Ryan Corbett sold 15,195 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $18.30, for a total transaction of $278,068.50. Following the completion of the transaction, the chief financial officer now directly owns 295,021 shares in the company, valued at $5,398,884.30. This trade represents a 4.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James H. Litinsky sold 300,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $18.45, for a total value of $5,535,000.00. Following the completion of the sale, the chief executive officer now owns 18,221,776 shares in the company, valued at $336,191,767.20. The trade was a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.60% of the company’s stock.

Institutional Trading of MP Materials

Institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in shares of MP Materials by 2,536.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock worth $23,767,000 after acquiring an additional 1,598,861 shares in the last quarter. Millennium Management LLC increased its holdings in MP Materials by 425.5% in the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after purchasing an additional 648,838 shares in the last quarter. Bank of Montreal Can lifted its stake in MP Materials by 188.1% in the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock valued at $11,462,000 after buying an additional 586,906 shares during the period. Pinnacle Associates Ltd. boosted its holdings in shares of MP Materials by 151.1% during the 2nd quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock worth $10,382,000 after buying an additional 490,767 shares in the last quarter. Finally, Regal Partners Ltd grew its position in shares of MP Materials by 275.4% during the 2nd quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock worth $5,907,000 after buying an additional 340,426 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.