MP Materials (NYSE:MP) Price Target Increased to $18.50 by Analysts at BMO Capital Markets

MP Materials (NYSE:MP - Get Free Report) had its price objective upped by analysts at BMO Capital Markets from $16.00 to $18.50 in a report issued on Friday, Benzinga reports. The firm presently has a "market perform" rating on the stock. BMO Capital Markets' price target indicates a potential downside of 0.72% from the stock's current price.

Several other equities research analysts also recently weighed in on the stock. Morgan Stanley lifted their price target on shares of MP Materials from $13.50 to $16.00 and gave the company an "equal weight" rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. boosted their target price on MP Materials from $15.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday. DA Davidson raised their price objective on MP Materials from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Tuesday, October 1st. Robert W. Baird increased their target price on MP Materials from $20.00 to $25.00 and gave the stock an "outperform" rating in a report on Friday, September 27th. Finally, Canaccord Genuity Group cut their target price on MP Materials from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Tuesday, August 27th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.40.

MP Materials Trading Up 0.5 %

MP traded up $0.09 during trading on Friday, reaching $18.64. 1,541,873 shares of the stock traded hands, compared to its average volume of 3,301,036. The company has a quick ratio of 6.17, a current ratio of 6.90 and a debt-to-equity ratio of 0.84. The stock's 50-day moving average is $15.31 and its 200 day moving average is $15.02. MP Materials has a 12 month low of $10.02 and a 12 month high of $20.85. The stock has a market capitalization of $3.08 billion, a PE ratio of -124.23 and a beta of 2.23.

MP Materials (NYSE:MP - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.08). MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. The business had revenue of $31.26 million for the quarter, compared to the consensus estimate of $40.03 million. During the same quarter in the previous year, the company earned $0.07 EPS. The firm's revenue for the quarter was down 51.2% on a year-over-year basis. Equities analysts anticipate that MP Materials will post -0.48 earnings per share for the current year.

MP Materials announced that its board has initiated a stock buyback program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Transactions at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal acquired 30,000 shares of MP Materials stock in a transaction on Tuesday, August 6th. The stock was purchased at an average price of $10.84 per share, for a total transaction of $325,200.00. Following the purchase, the chief operating officer now directly owns 1,402,975 shares of the company's stock, valued at $15,208,249. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 12.60% of the company's stock.

Hedge Funds Weigh In On MP Materials

Several institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its position in MP Materials by 2,536.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company's stock worth $23,767,000 after buying an additional 1,598,861 shares during the last quarter. Millennium Management LLC raised its stake in MP Materials by 425.5% in the 2nd quarter. Millennium Management LLC now owns 801,328 shares of the company's stock valued at $10,201,000 after acquiring an additional 648,838 shares during the period. Bank of Montreal Can lifted its holdings in MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company's stock valued at $11,462,000 after purchasing an additional 586,906 shares during the last quarter. Pinnacle Associates Ltd. boosted its position in MP Materials by 151.1% during the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company's stock worth $10,382,000 after purchasing an additional 490,767 shares during the period. Finally, Regal Partners Ltd grew its position in shares of MP Materials by 275.4% in the second quarter. Regal Partners Ltd now owns 464,016 shares of the company's stock valued at $5,907,000 after purchasing an additional 340,426 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.