DA Davidson Boosts MP Materials (NYSE:MP) Price Target to $32.00

MP Materials (NYSE:MP) had its price target hoisted by research analysts at DA Davidson from $25.00 to $32.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. DA Davidson’s price target would suggest a potential upside of 18.78% from the stock’s current price.

MP has been the subject of several other reports. BMO Capital Markets raised their price target on shares of MP Materials from $19.50 to $22.00 and gave the company a “market perform” rating in a report on Monday, January 27th. Canaccord Genuity Group raised their price target on shares of MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $23.35.

MP Materials Stock Performance

Shares of MP stock traded up $0.11 during trading hours on Wednesday, hitting $26.94. 488,099 shares of the company were exchanged, compared to its average volume of 3,090,859. MP Materials has a 52-week low of $10.02 and a 52-week high of $27.18. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of -45.47 and a beta of 2.32. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. The firm has a fifty day simple moving average of $22.96 and a 200 day simple moving average of $19.50.

MP Materials (NYSE:MP) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.05). MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. The business had revenue of $60.99 million during the quarter, compared to analysts’ expectations of $50.71 million. Research analysts predict that MP Materials will post -0.19 earnings per share for the current fiscal year.

Insider Transactions at MP Materials

In related news, CFO Ryan Corbett sold 15,000 shares of MP Materials stock in a transaction on Monday, March 17th. The shares were sold at an average price of $27.00, for a total value of $405,000.00. Following the transaction, the chief financial officer now owns 214,812 shares in the company, valued at $5,799,924. This trade represents a 6.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James H. Litinsky sold 386,223 shares of MP Materials stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $24.01, for a total transaction of $9,273,214.23. Following the completion of the transaction, the chief executive officer now owns 15,643,076 shares in the company, valued at approximately $375,590,254.76. The trade was a 2.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 461,223 shares of company stock valued at $11,208,814. Insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On MP Materials

A number of large investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its position in MP Materials by 44.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company’s stock worth $101,986,000 after purchasing an additional 2,005,505 shares during the period. Victory Capital Management Inc. increased its position in shares of MP Materials by 3.1% in the fourth quarter. Victory Capital Management Inc. now owns 2,432,389 shares of the company’s stock valued at $37,945,000 after acquiring an additional 73,297 shares during the period. Dimensional Fund Advisors LP increased its position in shares of MP Materials by 8.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,207,017 shares of the company’s stock valued at $34,433,000 after acquiring an additional 176,121 shares during the period. Invesco Ltd. increased its position in shares of MP Materials by 0.4% in the fourth quarter. Invesco Ltd. now owns 2,118,580 shares of the company’s stock valued at $33,050,000 after acquiring an additional 7,453 shares during the period. Finally, Segall Bryant & Hamill LLC increased its position in shares of MP Materials by 32.7% in the third quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock valued at $21,988,000 after acquiring an additional 306,933 shares during the period. 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.