MP Materials (NYSE:MP) Price Target Raised to $29.00 at BMO Capital Markets

MP Materials (NYSE:MP - Free Report) had its price objective increased by BMO Capital Markets from $22.00 to $29.00 in a research report sent to investors on Thursday,Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

MP has been the subject of several other research reports. DA Davidson lifted their price objective on shares of MP Materials from $25.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Canaccord Genuity Group lifted their price target 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 company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $23.61.

MP Materials Trading Up 2.6 %

MP traded up $0.67 during trading on Thursday, reaching $26.57. 2,630,408 shares of the stock traded hands, compared to its average volume of 3,100,852. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. The stock's 50-day moving average is $23.50 and its 200 day moving average is $19.87. MP Materials has a 12 month low of $10.02 and a 12 month high of $27.29. The stock has a market capitalization of $4.34 billion, a PE ratio of -45.03 and a beta of 2.32.

Remove Ads

MP Materials (NYSE:MP - Get Free Report) last announced its 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 business had revenue of $60.99 million for the quarter, compared to the consensus estimate of $50.71 million. MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. Equities analysts anticipate that MP Materials will post -0.19 earnings per share for the current year.

Insider Activity

In related news, CEO James H. Litinsky sold 386,223 shares of MP Materials stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $24.01, for a total transaction of $9,273,214.23. Following the transaction, the chief executive officer now owns 15,643,076 shares of the company's stock, valued at $375,590,254.76. The trade was a 2.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Ryan Corbett sold 15,000 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $27.00, for a total value of $405,000.00. Following the completion of the sale, the chief financial officer now directly owns 214,812 shares of the company's stock, valued at $5,799,924. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,112,316 shares of company stock worth $28,665,974 over the last three months. 12.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MP Materials

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC grew its holdings in shares of MP Materials by 40.3% in the fourth quarter. Quadrant Capital Group LLC now owns 2,441 shares of the company's stock valued at $38,000 after acquiring an additional 701 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in MP Materials in the 4th quarter valued at $40,000. Geneos Wealth Management Inc. grew its stake in MP Materials by 205.4% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,749 shares of the company's stock valued at $43,000 after purchasing an additional 1,849 shares during the period. Nisa Investment Advisors LLC increased its position in shares of MP Materials by 204.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,275 shares of the company's stock valued at $51,000 after purchasing an additional 2,200 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of MP Materials by 69.3% during the 4th quarter. GAMMA Investing LLC now owns 3,775 shares of the company's stock worth $59,000 after purchasing an additional 1,545 shares during the period. Hedge funds and other 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.