MP Materials (NYSE:MP) Price Target Raised to $23.00 at DA Davidson

MP Materials (NYSE:MP - Free Report) had its price target increased by DA Davidson from $20.00 to $23.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the company. Canaccord Genuity Group decreased their target price on MP Materials from $20.00 to $19.00 and set a buy rating for the company in a research note on Tuesday, August 27th. Morgan Stanley upped their price objective on MP Materials from $13.50 to $16.00 and gave the stock an equal weight rating in a research note on Thursday, September 19th. BMO Capital Markets increased their target price on MP Materials from $15.50 to $16.00 and gave the stock a market perform rating in a research report on Monday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of MP Materials from $13.50 to $12.50 and set a hold rating for the company in a report on Tuesday, August 6th. Finally, Bank of America dropped their price objective on shares of MP Materials from $25.00 to $24.00 and set a buy rating on the stock in a report on Wednesday, June 26th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, MP Materials presently has an average rating of Moderate Buy and an average price target of $20.85.

MP Materials Trading Down 0.6 %

Shares of MP stock traded down $0.11 during mid-day trading on Tuesday, reaching $17.54. The company's stock had a trading volume of 2,823,236 shares, compared to its average volume of 3,398,747. The company's 50 day simple moving average is $13.38 and its 200-day simple moving average is $14.59. The company has a quick ratio of 6.17, a current ratio of 6.90 and a debt-to-equity ratio of 0.84. MP Materials has a 12-month low of $10.02 and a 12-month high of $20.85. The firm has a market capitalization of $2.90 billion, a PE ratio of -116.93 and a beta of 2.22.

MP Materials (NYSE:MP - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.08). MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The firm had revenue of $31.26 million during the quarter, compared to analyst estimates of $40.03 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The business's quarterly revenue was down 51.2% compared to the same quarter last year. On average, research analysts predict that MP Materials will post -0.47 EPS for the current fiscal year.

MP Materials declared that its Board of Directors has initiated a share buyback program on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 13.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at MP Materials

In other news, COO Michael Stuart Rosenthal purchased 30,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average cost of $10.84 per share, for a total transaction of $325,200.00. Following the completion of the purchase, the chief operating officer now directly owns 1,402,975 shares of the company's stock, valued at approximately $15,208,249. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 12.60% of the company's stock.

Institutional Investors Weigh In On MP Materials

Institutional investors and hedge funds have recently made changes to their positions in the company. TFO Wealth Partners LLC increased its stake in MP Materials by 153,700.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company's stock worth $31,000 after purchasing an additional 1,537 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of MP Materials by 3,803.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company's stock worth $52,000 after acquiring an additional 3,956 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in MP Materials during the 2nd quarter valued at $72,000. Point72 Asia Singapore Pte. Ltd. bought a new position in MP Materials during the second quarter worth $100,000. Finally, Elkhorn Partners Limited Partnership boosted its holdings in shares of MP Materials by 15.9% during the 1st quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company's stock worth $114,000 after buying an additional 1,100 shares during the period. Institutional investors and hedge funds 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.