MP Materials (NYSE:MP – Get Free Report) had its price target dropped by analysts at JPMorgan Chase & Co. from $75.00 to $60.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 52.04% from the stock’s previous close.
Other equities analysts have also recently issued research reports about the company. Barclays dropped their price objective on MP Materials from $69.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. Citigroup reissued a “positive” rating on shares of MP Materials in a research note on Wednesday, July 15th. Wedbush upped their price target on shares of MP Materials from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. DA Davidson reaffirmed a “buy” rating and issued a $82.00 price target on shares of MP Materials in a research note on Friday, June 5th. Finally, Needham & Company LLC decreased their price objective on shares of MP Materials from $81.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $78.35.
Check Out Our Latest Stock Report on MP Materials
MP Materials Trading Down 4.4%
MP Materials (NYSE:MP – Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.04. MP Materials had a negative return on equity of 2.27% and a negative net margin of 28.00%.The business had revenue of $90.65 million during the quarter, compared to analyst estimates of $74.82 million. During the same quarter in the previous year, the business earned ($0.12) earnings per share. The company’s revenue for the quarter was up 49.1% compared to the same quarter last year. On average, analysts anticipate that MP Materials will post 0.05 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, CFO Ryan Corbett sold 20,000 shares of MP Materials stock in a transaction on Friday, May 8th. The stock was sold at an average price of $75.00, for a total value of $1,500,000.00. Following the transaction, the chief financial officer directly owned 109,017 shares in the company, valued at approximately $8,176,275. This trade represents a 15.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO James H. Litinsky sold 234,651 shares of MP Materials stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $65.87, for a total value of $15,456,461.37. Following the completion of the transaction, the chief executive officer owned 11,855,965 shares in the company, valued at $780,952,414.55. This represents a 1.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 905,167 shares of company stock valued at $60,161,837 over the last 90 days. Corporate insiders own 8.20% of the company’s stock.
Institutional Investors Weigh In On MP Materials
A number of institutional investors have recently added to or reduced their stakes in MP. EMC Capital Management purchased a new stake in MP Materials during the fourth quarter valued at approximately $25,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of MP Materials in the fourth quarter worth $26,000. REAP Financial Group LLC acquired a new position in shares of MP Materials in the 4th quarter valued at about $26,000. Los Angeles Capital Management LLC purchased a new stake in shares of MP Materials in the fourth quarter worth about $28,000. Finally, Financial Consulate Inc. lifted its holdings in MP Materials by 555.3% in the fourth quarter. Financial Consulate Inc. now owns 557 shares of the company’s stock valued at $28,000 after acquiring an additional 472 shares during the period. Institutional investors own 52.55% of the company’s stock.
About MP Materials
MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.
The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.
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