MP Materials (NYSE:MP) PT Raised to $23.00

MP Materials (NYSE:MP) had its target price increased by equities researchers at DA Davidson from $20.00 to $23.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s target price would indicate a potential upside of 31.96% from the company’s current price.

MP has been the topic of a number of other research reports. Bank of America decreased their price target on shares of MP Materials from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Canaccord Genuity Group decreased their price target on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. BMO Capital Markets upped their price target on shares of MP Materials from $15.50 to $16.00 and gave the company a “market perform” rating in a research note on Monday. Morgan Stanley increased their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Finally, Robert W. Baird increased their target price on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $20.85.

MP Materials Stock Performance

Shares of MP Materials stock traded down $0.22 during trading on Tuesday, hitting $17.43. 1,501,731 shares of the stock were exchanged, compared to its average volume of 3,391,344. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of -116.27 and a beta of 2.22. The company has a fifty day moving average price of $13.31 and a 200-day moving average price of $14.57. MP Materials has a 1-year low of $10.02 and a 1-year high of $20.85. The company has a current ratio of 6.90, a quick ratio of 6.17 and a debt-to-equity ratio of 0.84.

MP Materials (NYSE:MP) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.08). MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The firm had revenue of $31.26 million for the quarter, compared to analyst estimates of $40.03 million. During the same quarter in the prior year, the firm earned $0.07 earnings per share. The firm’s revenue for the quarter was down 51.2% on a year-over-year basis. As a group, equities analysts predict that MP Materials will post -0.47 EPS for the current fiscal year.

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

Insider Transactions at MP Materials

In related news, COO Michael Stuart Rosenthal purchased 30,000 shares of MP Materials stock in a transaction on Tuesday, August 6th. The stock was acquired at an average cost of $10.84 per share, for a total transaction of $325,200.00. Following the completion of the acquisition, the chief operating officer now owns 1,402,975 shares of the company’s stock, valued at approximately $15,208,249. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 12.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MP Materials

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in MP Materials by 1.7% in the first quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock worth $198,216,000 after purchasing an additional 225,554 shares during the period. Baillie Gifford & Co. grew its holdings in shares of MP Materials by 2.8% during the second quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company’s stock valued at $35,895,000 after buying an additional 76,288 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of MP Materials by 3.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company’s stock valued at $29,993,000 after buying an additional 71,454 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of MP Materials by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 1,733,517 shares of the company’s stock valued at $22,068,000 after buying an additional 26,119 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of MP Materials by 2,536.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock valued at $23,767,000 after buying an additional 1,598,861 shares during the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

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.