MP Materials (NYSE:MP) Shares Climb 1.2% – Here’s What Happened

MP Materials Corp. (NYSE:MP)’s stock price was up 1.2% during trading on Wednesday. The company traded as high as $39.86 and last traded at $39.5120. 2,829,844 shares changed hands during trading, a decline of 56% from the average session volume of 6,380,240 shares. The stock had previously closed at $39.05.

Analysts Set New Price Targets

MP has been the topic of several recent research reports. Robert W. Baird cut their target price on MP Materials from $80.00 to $65.00 and set an “outperform” rating on the stock in a report on Thursday, October 1st. Zacks Research cut MP Materials from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 26th. Needham & Company LLC decreased their price target on MP Materials from $81.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Citigroup reaffirmed a “positive” rating on shares of MP Materials in a research note on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on MP Materials from $70.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $71.92.

MP Materials Trading Up 0.6%

The company has a debt-to-equity ratio of 0.48, a current ratio of 9.51 and a quick ratio of 8.56. The firm has a market cap of $6.91 billion, a price-to-earnings ratio of -114.08 and a beta of 1.98. The firm’s fifty day moving average is $49.99 and its 200-day moving average is $54.34.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The firm had revenue of $108.49 million during the quarter, compared to analyst estimates of $96.89 million. MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%. The business’s quarterly revenue was up 89.0% on a year-over-year basis. During the same period last year, the company posted ($0.13) EPS. Equities analysts anticipate that MP Materials Corp. will post -0.20 earnings per share for the current year.

Hedge Funds Weigh In On MP Materials

Several institutional investors have recently added to or reduced their stakes in MP. Toth Financial Advisory Corp grew its position in shares of MP Materials by 73.3% during the 2nd quarter. Toth Financial Advisory Corp now owns 520 shares of the company’s stock worth $29,000 after buying an additional 220 shares during the period. Wedmont Private Capital lifted its position in shares of MP Materials by 2.0% during the 3rd quarter. Wedmont Private Capital now owns 11,866 shares of the company’s stock valued at $547,000 after acquiring an additional 234 shares during the period. Mitchell Mcleod Pugh & Williams Inc. boosted its stake in MP Materials by 3.7% during the first quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 6,643 shares of the company’s stock worth $321,000 after acquiring an additional 240 shares in the last quarter. Allworth Financial LP boosted its stake in MP Materials by 4.5% during the second quarter. Allworth Financial LP now owns 5,679 shares of the company’s stock worth $318,000 after acquiring an additional 243 shares in the last quarter. Finally, NFSG Corp boosted its stake in MP Materials by 5.0% during the first quarter. NFSG Corp now owns 5,387 shares of the company’s stock worth $260,000 after acquiring an additional 255 shares in the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

MP Materials Company Profile

MP Materials Corp. is a rare earth materials company focused on restoring and expanding a fully integrated rare earth supply chain in the United States. The company owns and operates the Mountain Pass rare earth mine and processing facility in California, one of the largest rare earth production sites in the Western Hemisphere.

MP Materials primarily produces rare earth concentrate containing neodymium and praseodymium, elements used in high-strength permanent magnets. These magnets are important components in electric vehicles, wind turbines, robotics, defense systems, and other advanced technologies.