MP Materials (NYSE:MP – Get Free Report)‘s stock had its “buy” rating reiterated by stock analysts at DA Davidson in a report issued on Monday,Benzinga reports. They presently have a $82.00 target price on the stock. DA Davidson’s price objective would suggest a potential upside of 44.97% from the company’s current price.
A number of other equities research analysts also recently weighed in on the company. Wedbush lifted their price target on MP Materials from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Morgan Stanley restated an “overweight” rating on shares of MP Materials in a research report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price objective on MP Materials from $70.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Citigroup reaffirmed a “positive” rating on shares of MP Materials in a research note on Wednesday, July 15th. Finally, Barclays decreased their target price on MP Materials from $69.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $78.21.
Read Our Latest Stock Analysis on MP
MP Materials Price Performance
MP Materials (NYSE:MP – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The business had revenue of $108.49 million during the quarter, compared to the consensus estimate of $96.89 million. During the same period in the previous year, the business earned ($0.13) earnings per share. The company’s revenue was up 89.0% on a year-over-year basis. On average, sell-side analysts predict that MP Materials will post -0.07 EPS for the current year.
Insider Activity at MP Materials
In other news, CEO James H. Litinsky sold 234,651 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was 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 of the company’s stock, valued at $780,952,414.55. This represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Michael Stuart Rosenthal acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was acquired at an average price of $54.30 per share, with a total value of $543,000.00. Following the acquisition, the chief operating officer owned 136,622 shares in the company, valued at $7,418,574.60. The trade was a 7.90% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold 585,167 shares of company stock valued at $39,028,272 in the last ninety days. 8.20% of the stock is currently owned by insiders.
Hedge Funds Weigh In On MP Materials
Several large investors have recently modified their holdings of MP. Oak Thistle LLC acquired a new position in MP Materials in the second quarter valued at $1,543,000. Amundi grew its holdings in MP Materials by 260.2% during the 1st quarter. Amundi now owns 385,001 shares of the company’s stock worth $18,580,000 after acquiring an additional 278,126 shares during the period. Leonteq Securities AG acquired a new stake in MP Materials during the 4th quarter worth about $2,451,000. Phoenix Financial Ltd. bought a new position in shares of MP Materials in the 4th quarter worth about $449,000. Finally, Bleakley Financial Group LLC bought a new position in shares of MP Materials in the 4th quarter worth about $1,482,000. Institutional investors own 52.55% of the company’s stock.
MP Materials Company Profile
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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