MP Materials (NYSE:MP) Price Target Increased to $16.00 by Analysts at BMO Capital Markets

MP Materials (NYSE:MP) had its price target increased by BMO Capital Markets from $15.50 to $16.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “market perform” rating on the stock. BMO Capital Markets’ price objective suggests a potential downside of 10.21% from the company’s previous close.

A number of other research firms also recently weighed in on MP. Benchmark reaffirmed a “buy” rating and issued a $30.00 target price on shares of MP Materials in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft decreased their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a report on Tuesday, August 6th. Canaccord Genuity Group dropped their target price on MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Morgan Stanley increased their price target on MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Finally, JPMorgan Chase & Co. lowered their price target on MP Materials from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.61.

MP Materials Stock Down 3.1 %

Shares of NYSE:MP traded down $0.57 during midday trading on Monday, reaching $17.82. 2,391,198 shares of the company were exchanged, compared to its average volume of 3,386,259. The firm has a market cap of $2.95 billion, a PE ratio of -118.40 and a beta of 2.22. The company has a quick ratio of 6.17, a current ratio of 6.90 and a debt-to-equity ratio of 0.84. MP Materials has a fifty-two week low of $10.02 and a fifty-two week high of $20.85. The stock has a fifty day simple moving average of $13.24 and a two-hundred day simple moving average of $14.54.

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

MP Materials declared that its Board of Directors has approved a share buyback plan on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 13.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at MP Materials

In related news, COO Michael Stuart Rosenthal purchased 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average price of $10.84 per share, for a total transaction of $325,200.00. Following the purchase, the chief operating officer now owns 1,402,975 shares in the company, valued at $15,208,249. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.60% of the stock is owned by company insiders.

Institutional Trading of MP Materials

Institutional investors have recently bought and sold shares of the business. TFO Wealth Partners LLC boosted its holdings in MP Materials by 153,700.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock valued at $31,000 after purchasing an additional 1,537 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of MP Materials by 3,803.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock worth $52,000 after acquiring an additional 3,956 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of MP Materials during the 2nd quarter worth approximately $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of MP Materials during the 2nd quarter worth $100,000. Finally, Elkhorn Partners Limited Partnership lifted its position in shares of MP Materials by 15.9% during the 1st quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock worth $114,000 after buying an additional 1,100 shares during the last quarter. 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.