MP Materials (NYSE:MP) Price Target Raised to $29.00 at BMO Capital Markets

MP Materials (NYSE:MP) had its target price raised by stock analysts at BMO Capital Markets from $22.00 to $29.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. BMO Capital Markets’ target price would indicate a potential upside of 12.34% from the company’s current price.

Several other brokerages have also recently issued reports on MP. Canaccord Genuity Group raised their target price on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. DA Davidson lifted their price target on shares of MP Materials from $25.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, MP Materials has an average rating of “Moderate Buy” and a consensus price target of $23.61.

MP Materials Stock Down 1.7 %

Shares of MP Materials stock opened at $25.81 on Thursday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. MP Materials has a 52-week low of $10.02 and a 52-week high of $27.29. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of -43.75 and a beta of 2.32. The company’s 50 day moving average price is $23.36 and its 200-day moving average price is $19.69.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, February 20th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.05). MP Materials had a negative return on equity of 8.44% and a negative net margin of 32.09%. The firm had revenue of $60.99 million during the quarter, compared to the consensus estimate of $50.71 million. Equities research analysts forecast that MP Materials will post -0.19 EPS for the current year.

Insider Activity at MP Materials

In other news, CFO Ryan Corbett sold 60,000 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $25.51, for a total transaction of $1,530,600.00. Following the sale, the chief financial officer now owns 230,100 shares in the company, valued at approximately $5,869,851. The trade was a 20.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO James H. Litinsky sold 489,918 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $26.77, for a total transaction of $13,115,104.86. Following the sale, the chief executive officer now owns 15,153,158 shares in the company, valued at approximately $405,650,039.66. This trade represents a 3.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,112,316 shares of company stock worth $28,665,974 over the last quarter. Corporate insiders own 12.60% of the company’s stock.

Institutional Trading of MP Materials

A number of hedge funds have recently modified their holdings of the business. KBC Group NV raised its position in shares of MP Materials by 35.7% in the 3rd quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after purchasing an additional 1,246 shares during the last quarter. Thrivent Financial for Lutherans raised its position in shares of MP Materials by 197.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 96,106 shares of the company’s stock worth $1,696,000 after purchasing an additional 63,751 shares during the last quarter. Quest Partners LLC raised its position in shares of MP Materials by 806.0% in the 3rd quarter. Quest Partners LLC now owns 42,944 shares of the company’s stock worth $758,000 after purchasing an additional 38,204 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of MP Materials by 13.3% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 505,532 shares of the company’s stock worth $8,923,000 after purchasing an additional 59,469 shares during the last quarter. Finally, Great Valley Advisor Group Inc. raised its position in shares of MP Materials by 26.9% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 103,155 shares of the company’s stock worth $1,821,000 after purchasing an additional 21,858 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.