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

MP Materials (NYSE:MP) had its target price boosted by stock analysts at Canaccord Genuity Group from $23.00 to $26.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 24.76% from the company’s current price.

A number of other equities analysts have also weighed in on the company. DA Davidson upped their price objective on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft cut their price objective 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. Morgan Stanley boosted their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Benchmark reaffirmed a “buy” rating and set a $30.00 target price on shares of MP Materials in a research note on Friday, August 2nd. Finally, Robert W. Baird boosted their price target on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus 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. MP Materials has a fifty-two week low of $10.02 and a fifty-two week high of $21.26. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. The company has a market capitalization of $3.40 billion, a P/E ratio of -38.59 and a beta of 2.23. The company has a fifty day moving average of $18.13 and a 200 day moving average of $15.48.

MP Materials declared that its board has approved a stock buyback program on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, CFO Ryan Corbett sold 15,195 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.30, for a total value of $278,068.50. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James H. Litinsky sold 300,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.45, for a total transaction of $5,535,000.00. Following the transaction, the chief executive officer now owns 18,221,776 shares in the company, valued at $336,191,767.20. This trade represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. 12.60% of the stock is currently owned by insiders.

Institutional Trading of MP Materials

Several institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC raised its holdings in shares of MP Materials by 47.5% in the third quarter. Tidal Investments LLC now owns 72,826 shares of the company’s stock worth $1,285,000 after buying an additional 23,441 shares during the period. M&T Bank Corp increased its stake in MP Materials by 82.3% in the third quarter. M&T Bank Corp now owns 46,607 shares of the company’s stock worth $823,000 after purchasing an additional 21,034 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of MP Materials during the third quarter worth $2,300,000. iSAM Funds UK Ltd purchased a new stake in shares of MP Materials during the third quarter valued at $252,000. Finally, Quadrature Capital Ltd bought a new position in shares of MP Materials in the third quarter worth about $346,000. 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.