MP Materials (NYSE:MP) Given New $15.00 Price Target at JPMorgan Chase & Co.

MP Materials (NYSE:MP) had its target price cut by JPMorgan Chase & Co. from $16.00 to $15.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also recently issued reports on MP. Bank of America decreased their target price on shares of MP Materials from $25.00 to $24.00 and set a buy rating for the company in a research note on Wednesday, June 26th. Robert W. Baird dropped their price objective on shares of MP Materials from $24.00 to $20.00 and set an outperform rating for the company in a report on Monday, July 15th. BMO Capital Markets began coverage on shares of MP Materials in a report on Monday, July 15th. They issued a market perform rating and a $16.50 price objective for the company. Benchmark reissued a buy rating and issued a $30.00 price objective on shares of MP Materials in a report on Tuesday, May 14th. Finally, Morgan Stanley decreased their target price on shares of MP Materials from $15.50 to $14.00 and set an equal weight rating on the stock in a research report on Friday, June 21st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $20.50.

MP Materials Stock Performance

Shares of MP traded down $0.38 during trading hours on Tuesday, hitting $13.72. The stock had a trading volume of 978,351 shares, compared to its average volume of 3,311,850. The company has a debt-to-equity ratio of 0.82, a quick ratio of 9.28 and a current ratio of 10.29. The firm has a 50-day moving average price of $14.97 and a 200 day moving average price of $15.51. MP Materials has a fifty-two week low of $12.09 and a fifty-two week high of $24.48.

MP Materials (NYSE:MP) last posted its earnings results on Thursday, May 2nd. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.04). MP Materials had a net margin of 1.62% and a negative return on equity of 0.61%. The firm had revenue of $48.68 million during the quarter, compared to analyst estimates of $46.00 million. As a group, research analysts forecast that MP Materials will post -0.29 earnings per share for the current year.

Insider Buying and Selling at MP Materials

In other MP Materials news, 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 value of $5,741,742.50. Following the transaction, the director now directly owns 86,000 shares in the company, valued at $1,554,020. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Ryan Corbett sold 50,000 shares of MP Materials stock in a transaction 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 approximately $5,502,605.53. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrew A. Mcknight sold 317,750 shares of MP Materials stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $18.07, for a total value of $5,741,742.50. Following the transaction, the director now directly owns 86,000 shares of the company’s stock, valued at approximately $1,554,020. The disclosure for this sale can be found here. 12.60% of the stock is currently owned by insiders.

Institutional Trading of MP Materials

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Horst & Graben Wealth Management LLC purchased a new stake in MP Materials in the 2nd quarter valued at about $263,000. Hobbs Group Advisors LLC acquired a new position in MP Materials during the 2nd quarter worth approximately $124,000. Nisa Investment Advisors LLC lifted its position in 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 acquiring an additional 3,956 shares in the last quarter. Raymond James & Associates lifted its position in MP Materials by 17.0% during the 2nd quarter. Raymond James & Associates now owns 263,939 shares of the company’s stock worth $3,360,000 after acquiring an additional 38,426 shares in the last quarter. Finally, ARS Investment Partners LLC lifted its position in MP Materials by 11.2% during the 2nd quarter. ARS Investment Partners LLC now owns 1,192,861 shares of the company’s stock worth $15,185,000 after acquiring an additional 119,933 shares in 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.