Bank of America Trims MP Materials (NYSE:MP) Target Price to $24.00

MP Materials (NYSE:MP) had its price target lowered by Bank of America from $25.00 to $24.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut MP Materials from an overweight rating to a neutral rating and reduced their price objective for the stock from $20.00 to $16.00 in a research note on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft reduced their price objective 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. Jefferies Financial Group reduced their price objective on MP Materials from $36.00 to $28.00 and set a buy rating on the stock in a research note on Tuesday, March 19th. Morgan Stanley reduced their price objective on MP Materials from $15.50 to $14.00 and set an equal weight rating on the stock in a research note on Friday, June 21st. Finally, Benchmark restated a buy rating and set a $30.00 price objective on shares of MP Materials in a research note on Tuesday, May 14th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $23.50.

MP Materials Stock Performance

MP Materials stock opened at $12.62 on Wednesday. The stock has a market cap of $2.09 billion, a P/E ratio of -84.13 and a beta of 2.28. The company has a current ratio of 10.29, a quick ratio of 9.28 and a debt-to-equity ratio of 0.82. The stock has a 50 day moving average of $15.71 and a 200-day moving average of $16.15. MP Materials has a 52 week low of $12.09 and a 52 week high of $26.53.

MP Materials (NYSE:MP) last released its earnings results on Thursday, May 2nd. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.04). The business had revenue of $48.68 million for the quarter, compared to analysts’ expectations of $46.00 million. MP Materials had a net margin of 1.62% and a negative return on equity of 0.61%. On average, analysts expect that MP Materials will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling at MP Materials

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MP. GAMMA Investing LLC bought a new position in shares of MP Materials in the fourth quarter valued at approximately $26,000. TFO Wealth Partners LLC boosted its holdings in shares of MP Materials by 153,700.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock valued at $31,000 after acquiring an additional 1,537 shares in the last quarter. CWM LLC boosted its holdings in shares of MP Materials by 85.0% in the fourth quarter. CWM LLC now owns 1,667 shares of the company’s stock valued at $33,000 after acquiring an additional 766 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in shares of MP Materials by 2,316.7% in the first quarter. Global Retirement Partners LLC now owns 2,320 shares of the company’s stock valued at $33,000 after acquiring an additional 2,224 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in MP Materials by 2,335.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,070 shares of the company’s stock worth $41,000 after buying an additional 1,985 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors.

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.