MP Materials (NYSE:MP) Price Target Raised to $32.00

MP Materials (NYSE:MP) had its price target boosted by DA Davidson from $25.00 to $32.00 in a research note released on Wednesday morning,Benzinga reports. DA Davidson currently has a buy rating on the stock.

Several other brokerages have also issued reports on MP. BMO Capital Markets boosted their price target on shares of MP Materials from $19.50 to $22.00 and gave the company a “market perform” rating in a report on Monday, January 27th. Canaccord Genuity Group upped their target price on shares of MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.61.

MP Materials Stock Down 1.7 %

Shares of MP opened at $25.81 on Wednesday. MP Materials has a 52 week low of $10.02 and a 52 week high of $27.29. The firm has a market capitalization of $4.22 billion, a P/E ratio of -43.75 and a beta of 2.32. The company has a 50-day simple moving average of $23.36 and a 200-day simple moving average of $19.69. 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 (NYSE:MP) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.05). The firm had revenue of $60.99 million during the quarter, compared to analyst estimates of $50.71 million. MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. On average, equities research analysts expect that MP Materials will post -0.19 earnings per share for the current year.

Insider Activity

In other MP Materials news, CEO James H. Litinsky sold 489,918 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $26.77, for a total value of $13,115,104.86. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Ryan Corbett sold 15,000 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $27.00, for a total transaction of $405,000.00. Following the sale, the chief financial officer now directly owns 214,812 shares in the company, valued at $5,799,924. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,112,316 shares of company stock worth $28,665,974. Insiders own 12.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Aegis Wealth Management LLC acquired a new position in MP Materials during the 4th quarter valued at about $156,000. Pullen Investment Management LLC lifted its holdings in MP Materials by 32.4% in the fourth quarter. Pullen Investment Management LLC now owns 31,026 shares of the company’s stock valued at $484,000 after buying an additional 7,590 shares during the period. JT Stratford LLC boosted its stake in MP Materials by 0.7% in the fourth quarter. JT Stratford LLC now owns 63,685 shares of the company’s stock valued at $993,000 after acquiring an additional 424 shares during the last quarter. Delta Investment Management LLC grew its holdings in MP Materials by 3.6% during the 4th quarter. Delta Investment Management LLC now owns 22,025 shares of the company’s stock worth $344,000 after acquiring an additional 767 shares during the period. Finally, Two Sigma Advisers LP bought a new stake in shares of MP Materials during the 4th quarter valued at $5,524,000. Institutional investors and hedge funds 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.