MP Materials (NYSE:MP) Price Target Raised to $18.00 at JPMorgan Chase & Co.

MP Materials (NYSE:MP) had its price target boosted by JPMorgan Chase & Co. from $15.00 to $18.00 in a report released on Monday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities research analysts also recently weighed in on the stock. Morgan Stanley boosted their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Robert W. Baird upped their price objective on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. DA Davidson lifted their target price on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Canaccord Genuity Group dropped their price target on MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $21.15.

MP Materials Trading Down 2.6 %

NYSE:MP opened at $18.10 on Monday. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of -120.67 and a beta of 2.23. 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 business’s 50-day simple moving average is $14.93 and its 200 day simple moving average is $14.94.

MP Materials (NYSE:MP) last released 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). The business had revenue of $31.26 million for the quarter, compared to analysts’ expectations of $40.03 million. MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. The business’s quarterly revenue was down 51.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.07 earnings per share. As a group, sell-side analysts predict that MP Materials will post -0.48 earnings per share for the current fiscal year.

MP Materials declared that its board has approved a stock repurchase program on Tuesday, September 3rd that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to buy up to 13.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal purchased 30,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were bought at an average price of $10.84 per share, for a total transaction of $325,200.00. Following the completion of the purchase, the chief operating officer now 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in MP Materials by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 13,635,712 shares of the company’s stock valued at $270,669,000 after buying an additional 254,881 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of MP Materials by 15.6% in the first quarter. Commonwealth Equity Services LLC now owns 62,091 shares of the company’s stock valued at $888,000 after acquiring an additional 8,376 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of MP Materials by 2,536.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock valued at $23,767,000 after acquiring an additional 1,598,861 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in MP Materials by 12.4% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 47,179 shares of the company’s stock worth $675,000 after purchasing an additional 5,200 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in MP Materials in the second quarter worth approximately $959,000. 52.55% of the stock is 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.