Analysts Set MP Materials Corp. (NYSE:MP) Target Price at $19.89

MP Materials Corp. (NYSE:MP) has earned an average rating of “Moderate Buy” from the nine research firms that are covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $19.89.

Several research firms have recently issued reports on MP. Morgan Stanley lowered their target price on shares of MP Materials from $15.50 to $14.00 and set an “equal weight” rating for the company in a report on Friday, June 21st. Canaccord Genuity Group cut their target price on MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Bank of America reduced their price target on MP Materials from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. BMO Capital Markets began coverage on MP Materials in a report on Monday, July 15th. They set a “market perform” rating and a $16.50 price objective for the company. Finally, JPMorgan Chase & Co. decreased their target price on MP Materials from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd.

MP Materials Trading Up 0.1 %

Shares of NYSE MP opened at $13.80 on Monday. The stock has a market capitalization of $2.28 billion, a P/E ratio of -92.00 and a beta of 2.22. MP Materials has a 1-year low of $10.02 and a 1-year high of $22.81. The business’s 50 day moving average is $13.16 and its two-hundred day moving average is $14.52. The company has a debt-to-equity ratio of 0.84, a current ratio of 6.90 and a quick ratio of 6.17.

MP Materials (NYSE:MP) last released its earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.08). The company had revenue of $31.26 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was down 51.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.07 EPS. As a group, research analysts expect that MP Materials will post -0.44 EPS for the current year.

MP Materials announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related 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 purchased at an average cost of $10.84 per share, for a total transaction of $325,200.00. Following the purchase, the chief operating officer now directly owns 1,402,975 shares of the company’s stock, valued at approximately $15,208,249. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 12.60% of the company’s stock.

Institutional Investors Weigh In On MP Materials

Several institutional investors have recently bought and sold shares of MP. Price T Rowe Associates Inc. MD grew its stake in MP Materials by 2,536.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock worth $23,767,000 after buying an additional 1,598,861 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of MP Materials by 59.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,314,985 shares of the company’s stock worth $45,956,000 after acquiring an additional 860,960 shares during the last quarter. Millennium Management LLC increased its holdings in shares of MP Materials by 425.5% during the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock valued at $10,201,000 after acquiring an additional 648,838 shares in the last quarter. Bank of Montreal Can raised its position in shares of MP Materials by 188.1% in the 2nd quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock valued at $11,462,000 after purchasing an additional 586,906 shares during the last quarter. Finally, Norges Bank acquired a new stake in MP Materials in the 4th quarter worth approximately $10,484,000. 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.