MP Materials Corp. (NYSE:MP) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of MP Materials Corp. (NYSE:MP) have been given an average recommendation of “Buy” by the sixteen ratings firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $78.9091.

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a report on Thursday, January 22nd. The Goldman Sachs Group started coverage on MP Materials in a research report on Wednesday, November 19th. They issued a “buy” rating and a $77.00 price target for the company. Deutsche Bank Aktiengesellschaft upgraded MP Materials from a “hold” rating to a “buy” rating and upped their price objective for the stock from $68.00 to $71.00 in a research note on Monday, November 10th. Wall Street Zen lowered MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Finally, BMO Capital Markets raised shares of MP Materials from a “market perform” rating to an “outperform” rating and decreased their price target for the company from $76.00 to $75.00 in a research report on Monday, November 24th.

Insider Activity at MP Materials

In related news, CFO Ryan Corbett sold 38,146 shares of the company’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the transaction, the chief financial officer directly owned 156,666 shares of the company’s stock, valued at $9,399,960. This represents a 19.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO James H. Litinsky sold 272,600 shares of the stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $64.17, for a total value of $17,492,742.00. Following the completion of the sale, the chief executive officer owned 12,805,965 shares of the company’s stock, valued at approximately $821,758,774.05. This trade represents a 2.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 971,557 shares of company stock valued at $61,630,802. 12.60% of the stock is owned by insiders.

Hedge Funds Weigh In On MP Materials

A number of institutional investors have recently bought and sold shares of the business. Caxton Associates LLP acquired a new stake in shares of MP Materials in the second quarter worth $132,238,000. National Bank of Canada FI raised its stake in shares of MP Materials by 19,314.3% during the 2nd quarter. National Bank of Canada FI now owns 2,013,462 shares of the company’s stock valued at $66,987,000 after buying an additional 2,003,091 shares during the last quarter. Norges Bank acquired a new position in shares of MP Materials in the 4th quarter valued at about $82,531,000. Reaves W H & Co. Inc. boosted its stake in shares of MP Materials by 168.4% in the third quarter. Reaves W H & Co. Inc. now owns 2,589,908 shares of the company’s stock worth $173,705,000 after buying an additional 1,624,908 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in MP Materials by 76.3% during the second quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock worth $97,200,000 after acquiring an additional 1,264,243 shares during the period. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Stock Up 1.2%

Shares of MP Materials stock opened at $58.00 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 8.05 and a quick ratio of 7.51. The stock has a market cap of $10.28 billion, a price-to-earnings ratio of -81.69 and a beta of 1.60. The firm’s 50-day moving average is $59.78 and its two-hundred day moving average is $64.92. MP Materials has a 1 year low of $18.64 and a 1 year high of $100.25.

MP Materials Company Profile

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.