DA Davidson Issues Positive Forecast for MP Materials (NYSE:MP) Stock Price

MP Materials (NYSE:MP) had its target price increased by equities researchers at DA Davidson from $32.00 to $82.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s target price would suggest a potential upside of 23.87% from the company’s current price.

Several other analysts also recently issued reports on MP. Canaccord Genuity Group increased their price target on MP Materials from $64.00 to $77.00 and gave the company a “buy” rating in a report on Friday, August 8th. Cowen reiterated a “buy” rating on shares of MP Materials in a report on Friday, August 8th. Robert W. Baird increased their price target on MP Materials from $52.00 to $69.00 and gave the company an “outperform” rating in a report on Wednesday, July 23rd. Cfra Research upgraded MP Materials to a “moderate buy” rating in a report on Monday, August 11th. Finally, Wall Street Zen upgraded MP Materials from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.88.

MP Materials Price Performance

MP stock traded down $4.94 on Tuesday, reaching $66.20. The company had a trading volume of 6,371,380 shares, compared to its average volume of 9,286,508. MP Materials has a 1 year low of $12.39 and a 1 year high of $82.50. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.12 and a current ratio of 3.60. The company’s fifty day moving average is $57.64 and its 200 day moving average is $36.29. The company has a market cap of $11.72 billion, a P/E ratio of -105.17 and a beta of 2.32.

MP Materials (NYSE:MP) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The company had revenue of $57.39 million for the quarter, compared to analyst estimates of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The business’s revenue for the quarter was up 83.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.17) EPS. On average, research analysts forecast that MP Materials will post -0.19 earnings per share for the current year.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the transaction, the chief operating officer owned 1,284,409 shares of the company’s stock, valued at approximately $92,503,136.18. This trade represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On MP Materials

Several large investors have recently modified their holdings of MP. Envestnet Asset Management Inc. lifted its holdings in MP Materials by 3.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company’s stock worth $322,000 after acquiring an additional 662 shares during the last quarter. Northern Trust Corp lifted its holdings in MP Materials by 23.6% in the fourth quarter. Northern Trust Corp now owns 978,284 shares of the company’s stock worth $15,261,000 after acquiring an additional 186,748 shares during the last quarter. BNP Paribas Financial Markets bought a new position in MP Materials in the fourth quarter worth about $14,886,000. Benjamin Edwards Inc. lifted its holdings in MP Materials by 23.7% in the fourth quarter. Benjamin Edwards Inc. now owns 55,811 shares of the company’s stock worth $871,000 after acquiring an additional 10,693 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its holdings in MP Materials by 811.7% in the fourth quarter. Baird Financial Group Inc. now owns 75,992 shares of the company’s stock worth $1,185,000 after acquiring an additional 67,657 shares during the last quarter. Institutional investors own 52.55% of the company’s stock.

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.