Bank of America Lowers MP Materials (NYSE:MP) Price Target to $24.00

MP Materials (NYSE:MP) had its target price cut by research analysts at Bank of America from $25.00 to $24.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 86.77% from the company’s previous close.

A number of other brokerages have also issued reports on MP. Benchmark reaffirmed a “buy” rating and set a $30.00 target price on shares of MP Materials in a research report on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft decreased their target price on MP Materials from $17.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, April 11th. Morgan Stanley decreased their target price on MP Materials from $15.50 to $14.00 and set an “equal weight” rating for the company in a research note on Friday, June 21st. Canaccord Genuity Group reduced their price objective on MP Materials from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, March 13th. Finally, Jefferies Financial Group reduced their price objective on MP Materials from $36.00 to $28.00 and set a “buy” rating for the company in a research report on Tuesday, March 19th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, MP Materials currently has a consensus rating of “Moderate Buy” and an average price target of $23.50.

MP Materials Trading Up 2.1 %

Shares of MP Materials stock opened at $12.85 on Wednesday. MP Materials has a fifty-two week low of $12.09 and a fifty-two week high of $26.53. The firm has a market cap of $2.12 billion, a PE ratio of -85.67 and a beta of 2.28. The business’s fifty day moving average is $15.63 and its two-hundred day moving average is $16.12. The company has a quick ratio of 9.28, a current ratio of 10.29 and a debt-to-equity ratio of 0.82.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, May 2nd. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.04). The firm had revenue of $48.68 million during the quarter, compared to analysts’ expectations of $46.00 million. MP Materials had a negative return on equity of 0.61% and a net margin of 1.62%. Analysts anticipate that MP Materials will post -0.25 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Ryan Corbett sold 50,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total transaction of $846,500.00. Following the sale, the chief financial officer now directly owns 325,021 shares of the company’s stock, valued at $5,502,605.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Ryan Corbett sold 50,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total value of $846,500.00. Following the transaction, the chief financial officer now directly owns 325,021 shares in the company, valued at $5,502,605.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Andrew A. Mcknight sold 317,750 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $18.07, for a total transaction of $5,741,742.50. Following the completion of the transaction, the director now owns 86,000 shares in the company, valued at $1,554,020. The disclosure for this sale can be found here. Insiders own 12.60% of the company’s stock.

Institutional Investors Weigh In On MP Materials

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC bought a new position in MP Materials in the fourth quarter valued at $26,000. TFO Wealth Partners LLC grew its position in shares of MP Materials by 153,700.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock valued at $31,000 after acquiring an additional 1,537 shares during the period. CWM LLC grew its position in shares of MP Materials by 85.0% in the 4th quarter. CWM LLC now owns 1,667 shares of the company’s stock valued at $33,000 after acquiring an additional 766 shares during the period. Global Retirement Partners LLC grew its position in shares of MP Materials by 2,316.7% in the 1st quarter. Global Retirement Partners LLC now owns 2,320 shares of the company’s stock valued at $33,000 after acquiring an additional 2,224 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of MP Materials by 2,335.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,070 shares of the company’s stock worth $41,000 after buying an additional 1,985 shares during the period. 52.55% of the stock is currently owned by institutional investors and hedge funds.

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.