MP Materials Corp. (NYSE:MP) Receives $20.61 Consensus Price Target from Brokerages

Shares of MP Materials Corp. (NYSE:MP) have earned an average rating of “Moderate Buy” from the ten brokerages that are covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $20.50.

A number of brokerages have recently issued reports on MP. Bank of America reduced their price objective on MP Materials from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Robert W. Baird reduced their price objective on MP Materials from $24.00 to $20.00 and set an “outperform” rating on the stock in a research note on Monday, July 15th. BMO Capital Markets assumed coverage on MP Materials in a research note on Monday, July 15th. They set a “market perform” rating and a $16.50 price objective on the stock. Deutsche Bank Aktiengesellschaft cut their target price on MP Materials from $17.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, April 11th. Finally, JPMorgan Chase & Co. cut their target price on MP Materials from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Tuesday.

Insiders Place Their Bets

In other MP Materials news, CFO Ryan Corbett sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total value of $846,500.00. Following the completion of the sale, the chief financial officer now directly owns 325,021 shares in the company, valued at $5,502,605.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Andrew A. Mcknight sold 317,750 shares of MP Materials stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $18.07, for a total transaction of $5,741,742.50. Following the completion of the transaction, the director now directly owns 86,000 shares in the company, valued at $1,554,020. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ryan Corbett sold 50,000 shares of MP Materials stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total transaction of $846,500.00. Following the transaction, the chief financial officer now owns 325,021 shares of the company’s stock, valued at $5,502,605.53. The disclosure for this sale can be found here. 12.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MP Materials

Several large investors have recently made changes to their positions in MP. Vanguard Group Inc. raised its holdings in MP Materials by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock worth $198,216,000 after acquiring an additional 225,554 shares during the last quarter. Van ECK Associates Corp raised its holdings in MP Materials by 15.2% in the 4th quarter. Van ECK Associates Corp now owns 3,122,224 shares of the company’s stock worth $61,976,000 after acquiring an additional 411,771 shares during the last quarter. Baillie Gifford & Co. raised its holdings in MP Materials by 26.2% in the 4th quarter. Baillie Gifford & Co. now owns 2,960,001 shares of the company’s stock worth $58,756,000 after acquiring an additional 614,088 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in MP Materials by 59.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,314,985 shares of the company’s stock worth $45,956,000 after acquiring an additional 860,960 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in MP Materials by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,733,517 shares of the company’s stock worth $22,068,000 after acquiring an additional 26,119 shares during the last quarter. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

MP Materials Trading Up 0.4 %

NYSE MP opened at $13.79 on Friday. The stock’s 50-day simple moving average is $14.80 and its two-hundred day simple moving average is $15.49. MP Materials has a twelve month low of $12.09 and a twelve month high of $24.44. The company has a quick ratio of 9.28, a current ratio of 10.29 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of -91.93 and a beta of 2.22.

MP Materials (NYSE:MP) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). MP Materials had a net margin of 1.62% and a negative return on equity of 0.61%. The firm had revenue of $48.68 million for the quarter, compared to analysts’ expectations of $46.00 million. Research analysts forecast that MP Materials will post -0.29 EPS for the current fiscal year.

About MP Materials

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.