Canaccord Genuity Group Raises MP Materials (NYSE:MP) Price Target to $55.00

MP Materials (NYSE:MP) had its price objective increased by equities research analysts at Canaccord Genuity Group from $27.00 to $55.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 22.06% from the stock’s current price.

A number of other brokerages also recently weighed in on MP. DA Davidson boosted their target price on MP Materials from $25.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Jefferies Financial Group reissued a “hold” rating and issued a $33.00 price objective (up previously from $32.00) on shares of MP Materials in a research report on Monday, July 7th. Morgan Stanley raised MP Materials from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $23.00 to $34.00 in a research report on Thursday, June 5th. JPMorgan Chase & Co. lowered their target price on MP Materials from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday, May 12th. Finally, Robert W. Baird increased their price target on shares of MP Materials from $30.00 to $38.00 and gave the company an “outperform” rating in a research report on Tuesday, June 17th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, MP Materials presently has an average rating of “Moderate Buy” and an average target price of $31.28.

MP Materials Stock Performance

MP opened at $45.06 on Friday. MP Materials has a 1-year low of $10.02 and a 1-year high of $50.98. The company has a market cap of $7.37 billion, a price-to-earnings ratio of -69.32 and a beta of 2.26. The company’s fifty day moving average price is $27.71 and its two-hundred day moving average price is $24.72. The company has a current ratio of 4.12, a quick ratio of 3.58 and a debt-to-equity ratio of 0.81.

MP Materials (NYSE:MP) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). The company had revenue of $60.81 million for the quarter, compared to analyst estimates of $64.74 million. MP Materials had a negative net margin of 48.41% and a negative return on equity of 9.77%. MP Materials’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.04) EPS. On average, analysts expect that MP Materials will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 199,180 shares of MP Materials stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $27.08, for a total transaction of $5,393,794.40. Following the completion of the sale, the chief executive officer directly owned 13,643,076 shares in the company, valued at $369,454,498.08. The trade was a 1.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 9.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MP Materials

Several institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in MP Materials by 44.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company’s stock worth $101,986,000 after purchasing an additional 2,005,505 shares during the period. Driehaus Capital Management LLC purchased a new position in shares of MP Materials in the first quarter worth about $34,288,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of MP Materials by 429.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company’s stock valued at $37,839,000 after acquiring an additional 1,257,282 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of MP Materials in the 4th quarter valued at about $14,886,000. Finally, Vanguard Group Inc. boosted its holdings in MP Materials by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company’s stock valued at $333,503,000 after acquiring an additional 942,105 shares during the period. 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.