Canaccord Genuity Group Increases MP Materials (NYSE:MP) Price Target to $77.00

MP Materials (NYSE:MP) had its target price hoisted by analysts at Canaccord Genuity Group from $64.00 to $77.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 3.61% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. Cowen reissued a “buy” rating on shares of MP Materials in a research note on Friday. JPMorgan Chase & Co. upped their target price on shares of MP Materials from $18.00 to $64.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Jefferies Financial Group raised shares of MP Materials from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research note on Friday, August 1st. Wall Street Zen raised shares of MP Materials from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of MP Materials from $20.00 to $69.00 and gave the company a “hold” rating in a research note on Thursday, July 17th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.63.

MP Materials Stock Performance

NYSE MP opened at $74.32 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 4.12 and a quick ratio of 3.58. The firm has a market capitalization of $12.15 billion, a price-to-earnings ratio of -117.97 and a beta of 2.30. The company’s fifty day moving average is $44.20 and its two-hundred day moving average is $30.77. MP Materials has a 52-week low of $11.07 and a 52-week high of $79.36.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.03. The company had revenue of $57.39 million for the quarter, compared to analyst estimates of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.25%. The business’s quarterly revenue was up 83.6% on a year-over-year basis. During the same period last year, the business posted ($0.17) EPS. Equities research analysts forecast that MP Materials will post -0.19 EPS for the current year.

Hedge Funds Weigh In On MP Materials

A number of large investors have recently modified their holdings of the stock. Sei Investments Co. bought a new stake in shares of MP Materials during the fourth quarter worth approximately $156,000. LPL Financial LLC raised its stake in shares of MP Materials by 11.2% during the fourth quarter. LPL Financial LLC now owns 126,435 shares of the company’s stock worth $1,972,000 after buying an additional 12,782 shares during the last quarter. ExodusPoint Capital Management LP bought a new stake in shares of MP Materials during the fourth quarter worth approximately $867,000. Resona Asset Management Co. Ltd. bought a new stake in shares of MP Materials during the fourth quarter worth approximately $86,000. Finally, Envestnet Asset Management Inc. increased its stake in MP Materials by 3.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company’s stock valued at $322,000 after purchasing an additional 662 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

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.