MP Materials (NYSE:MP) PT Raised to $16.00

MP Materials (NYSE:MP) had its target price upped by BMO Capital Markets from $15.50 to $16.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a market perform rating on the stock.

MP has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft decreased their target price on MP Materials from $13.50 to $12.50 and set a hold rating on the stock in a research report on Tuesday, August 6th. Morgan Stanley increased their price objective on shares of MP Materials from $13.50 to $16.00 and gave the company an equal weight rating in a report on Thursday, September 19th. Benchmark reissued a buy rating and set a $30.00 target price on shares of MP Materials in a research note on Friday, August 2nd. JPMorgan Chase & Co. reduced their price target on shares of MP Materials from $16.00 to $15.00 and set a neutral rating for the company in a research report on Tuesday, July 23rd. Finally, Bank of America lowered their price objective on MP Materials from $25.00 to $24.00 and set a buy rating on the stock in a report on Wednesday, June 26th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, MP Materials presently has a consensus rating of Moderate Buy and an average price target of $20.85.

MP Materials Stock Down 3.3 %

MP stock opened at $16.96 on Monday. MP Materials has a one year low of $10.02 and a one year high of $20.85. The company has a debt-to-equity ratio of 0.84, a quick ratio of 6.17 and a current ratio of 6.90. The firm’s fifty day moving average is $13.45 and its 200 day moving average is $14.61. The firm has a market cap of $2.80 billion, a PE ratio of -113.03 and a beta of 2.23.

MP Materials (NYSE:MP) last posted its earnings results on Thursday, August 1st. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.08). The business had revenue of $31.26 million for the quarter, compared to analyst estimates of $40.03 million. MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. MP Materials’s revenue was down 51.2% on a year-over-year basis. During the same quarter last year, the business earned $0.07 earnings per share. On average, research analysts forecast that MP Materials will post -0.47 EPS for the current year.

MP Materials announced that its board has approved a share buyback plan on Tuesday, September 3rd that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, COO Michael Stuart Rosenthal acquired 30,000 shares of MP Materials stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average price of $10.84 per share, for a total transaction of $325,200.00. Following the completion of the transaction, the chief operating officer now owns 1,402,975 shares in the company, valued at approximately $15,208,249. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 12.60% of the company’s stock.

Institutional Investors Weigh In On MP Materials

A number of hedge funds have recently modified their holdings of MP. TFO Wealth Partners LLC increased its stake in MP Materials by 153,700.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock worth $31,000 after acquiring an additional 1,537 shares during the last quarter. Nisa Investment Advisors LLC increased its position 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 purchasing an additional 3,956 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in MP Materials in the 2nd quarter valued at about $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in MP Materials in the second quarter valued at about $100,000. Finally, Elkhorn Partners Limited Partnership lifted its position in MP Materials by 15.9% in the first quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock valued at $114,000 after buying an additional 1,100 shares during the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Company Profile

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.