MP Materials (NYSE:MP) Trading Up 6.3% - Time to Buy?

MP Materials Corp. (NYSE:MP - Get Free Report) was up 6.3% during mid-day trading on Wednesday . The company traded as high as $18.93 and last traded at $18.82. Approximately 440,715 shares traded hands during trading, a decline of 87% from the average daily volume of 3,331,097 shares. The stock had previously closed at $17.70.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MP shares. Canaccord Genuity Group reduced their price target on MP Materials from $20.00 to $19.00 and set a "buy" rating for the company in a report on Tuesday, August 27th. BMO Capital Markets increased their target price on MP Materials from $15.50 to $16.00 and gave the company a "market perform" rating in a research note on Monday, September 30th. Benchmark reaffirmed a "buy" rating and issued a $30.00 price target on shares of MP Materials in a report on Friday, August 2nd. DA Davidson raised their price objective on shares of MP Materials from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Tuesday, October 1st. Finally, Robert W. Baird upped their target price on shares of MP Materials from $20.00 to $25.00 and gave the company an "outperform" rating in a research note on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.85.

MP Materials Price Performance

The company has a debt-to-equity ratio of 0.84, a current ratio of 6.90 and a quick ratio of 6.17. The company has a fifty day moving average price of $14.32 and a 200 day moving average price of $14.84. The company has a market capitalization of $3.14 billion, a P/E ratio of -126.67 and a beta of 2.23.

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 company 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 earnings per share. MP Materials's quarterly revenue was down 51.2% compared to the same quarter last year. On average, sell-side analysts forecast that MP Materials Corp. will post -0.48 EPS for the current fiscal year.

MP Materials declared that its board has initiated a share repurchase plan on Tuesday, September 3rd that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to purchase up to 13.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal acquired 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average cost of $10.84 per share, with a total value of $325,200.00. Following the acquisition, the chief operating officer now directly owns 1,402,975 shares of the company's stock, valued at $15,208,249. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MP Materials

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of MP Materials by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 13,635,712 shares of the company's stock valued at $270,669,000 after purchasing an additional 254,881 shares in the last quarter. Moody National Bank Trust Division grew its position in MP Materials by 36.5% in the first quarter. Moody National Bank Trust Division now owns 28,645 shares of the company's stock worth $410,000 after buying an additional 7,662 shares during the last quarter. 180 Wealth Advisors LLC increased its holdings in shares of MP Materials by 25.3% in the first quarter. 180 Wealth Advisors LLC now owns 56,790 shares of the company's stock valued at $812,000 after buying an additional 11,476 shares in the last quarter. Mirador Capital Partners LP lifted its position in shares of MP Materials by 12.9% during the 1st quarter. Mirador Capital Partners LP now owns 19,354 shares of the company's stock valued at $277,000 after acquiring an additional 2,212 shares during the last quarter. Finally, State of Michigan Retirement System boosted its stake in shares of MP Materials by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,400 shares of the company's stock worth $506,000 after acquiring an additional 800 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

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.