MP Materials Corp. (NYSE:MP – Get Free Report)’s share price fell 5.7% during mid-day trading on Thursday . The company traded as low as $51.12 and last traded at $51.1920. 6,820,533 shares changed hands during trading, an increase of 4% from the average session volume of 6,563,870 shares. The stock had previously closed at $54.30.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on MP shares. Needham & Company LLC cut their price target on MP Materials from $81.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. 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. JPMorgan Chase & Co. cut their price target on MP Materials from $75.00 to $60.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 29th. Citigroup reaffirmed a “positive” rating on shares of MP Materials in a research note on Wednesday, July 15th. Finally, DA Davidson reissued a “buy” rating and issued a $82.00 target price on shares of MP Materials in a research note on Monday, August 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, MP Materials has an average rating of “Moderate Buy” and a consensus price target of $78.21.
Read Our Latest Analysis on MP
MP Materials Stock Performance
MP Materials (NYSE:MP – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%.The business had revenue of $108.49 million for the quarter, compared to the consensus estimate of $96.89 million. During the same quarter last year, the business posted ($0.13) EPS. The firm’s revenue was up 89.0% compared to the same quarter last year. On average, research analysts predict that MP Materials Corp. will post -0.12 earnings per share for the current year.
Hedge Funds Weigh In On MP Materials
Several institutional investors have recently modified their holdings of MP. The Manufacturers Life Insurance Company increased its stake in MP Materials by 2.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 121,478 shares of the company’s stock worth $6,804,000 after purchasing an additional 2,411 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in MP Materials in the second quarter valued at approximately $220,000. MCF Advisors LLC lifted its stake in MP Materials by 3,748.1% in the second quarter. MCF Advisors LLC now owns 5,195 shares of the company’s stock valued at $291,000 after buying an additional 5,060 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new position in shares of MP Materials in the second quarter valued at approximately $672,000. Finally, Teamwork Financial Advisors LLC acquired a new position in shares of MP Materials in the second quarter valued at approximately $10,648,000. Institutional investors own 52.55% of the company’s stock.
About MP Materials
MP Materials Corp. is a rare earth materials company that owns and operates the Mountain Pass rare earth mine and processing facility in California. The site is one of the largest rare earth production facilities in the Western Hemisphere and produces rare earth concentrate, with an emphasis on neodymium-praseodymium (NdPr), materials used in high-performance permanent magnets.
The company is expanding its operations beyond mining and concentrate production into separated rare earth products and magnet manufacturing.
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