MP Materials (NYSE:MP) Price Target Raised to $82.00 at DA Davidson

MP Materials (NYSE:MP) had its price objective raised by DA Davidson from $32.00 to $82.00 in a report released on Tuesday,Benzinga reports. DA Davidson currently has a buy rating on the stock.

MP has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price objective on shares of MP Materials from $18.00 to $64.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Robert W. Baird raised their price objective on shares of MP Materials from $52.00 to $69.00 and gave the stock an “outperform” rating in a report on Wednesday, July 23rd. Benchmark restated a “buy” rating on shares of MP Materials in a report on Friday. Jefferies Financial Group upgraded shares of MP Materials from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research note on Friday, August 1st. Finally, Canaccord Genuity Group lifted their price target on shares of MP Materials from $64.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.88.

MP Materials Trading Down 5.2%

Shares of NYSE:MP opened at $67.45 on Tuesday. MP Materials has a 12 month low of $12.39 and a 12 month high of $82.50. The company has a quick ratio of 3.12, a current ratio of 3.60 and a debt-to-equity ratio of 0.83. The company’s fifty day simple moving average is $58.29 and its 200 day simple moving average is $36.51. The firm has a market cap of $11.94 billion, a price-to-earnings ratio of -107.06 and a beta of 2.32.

MP Materials (NYSE:MP) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The business had revenue of $57.39 million for the quarter, compared to analyst estimates of $44.84 million. During the same period last year, the business posted ($0.17) earnings per share. The firm’s quarterly revenue was up 83.6% on a year-over-year basis. As a group, research analysts forecast that MP Materials will post -0.19 EPS for the current fiscal year.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of MP Materials stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $72.02, for a total value of $10,803,000.00. Following the completion of the transaction, the chief operating officer owned 1,284,409 shares of the company’s stock, valued at $92,503,136.18. This trade represents a 10.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 12.60% of the stock is currently owned by company insiders.

Institutional Trading of MP Materials

Hedge funds and other institutional investors have recently modified their holdings of the stock. Highline Wealth Partners LLC bought a new stake in shares of MP Materials during the 2nd quarter worth about $25,000. AdvisorNet Financial Inc raised its stake in MP Materials by 168.7% in the 2nd quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock worth $27,000 after purchasing an additional 506 shares in the last quarter. NBC Securities Inc. raised its stake in MP Materials by 119,900.0% in the 1st quarter. NBC Securities Inc. now owns 1,200 shares of the company’s stock worth $29,000 after purchasing an additional 1,199 shares in the last quarter. MAI Capital Management raised its stake in MP Materials by 132.7% in the 1st quarter. MAI Capital Management now owns 1,403 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares in the last quarter. Finally, Spire Wealth Management raised its stake in MP Materials by 181.3% in the 2nd quarter. Spire Wealth Management now owns 1,010 shares of the company’s stock worth $34,000 after purchasing an additional 651 shares in 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.