MP Materials Corp. (NYSE:MP – Get Free Report) shares dropped 3.2% during mid-day trading on Monday. The company traded as low as $38.13 and last traded at $38.2890. Approximately 4,218,237 shares were traded during trading, a decline of 33% from the average session volume of 6,327,481 shares. The stock had previously closed at $39.57.
Analysts Set New Price Targets
A number of research firms recently commented on MP. Citigroup reiterated a “positive” rating on shares of MP Materials in a research note on Wednesday, July 15th. Needham & Company LLC reduced their price objective 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. Zacks Research downgraded shares of MP Materials from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Wall Street Zen downgraded shares of MP Materials from a “hold” rating to a “sell” rating in a research note on Sunday, October 11th. Finally, Freedom Broker initiated coverage on MP Materials in a report on Wednesday, September 16th. They issued a “hold” rating and a $57.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.92.
Check Out Our Latest Analysis on MP Materials
MP Materials Trading Down 3.2%
The business has a 50-day simple moving average of $47.95 and a two-hundred day simple moving average of $55.22. The company has a debt-to-equity ratio of 0.48, a quick ratio of 8.56 and a current ratio of 9.51. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of -112.61 and a beta of 2.05.
MP Materials (NYSE:MP – Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share (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 last year, the business posted ($0.13) EPS. MP Materials’s revenue was up 89.0% on a year-over-year basis. As a group, research analysts forecast that MP Materials Corp. will post -0.20 EPS for the current year.
Institutional Investors Weigh In On MP Materials
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC increased its holdings in MP Materials by 25.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 88,945 shares of the company’s stock worth $4,206,000 after purchasing an additional 18,082 shares in the last quarter. Northeast Investment Management bought a new position in MP Materials in the third quarter valued at about $1,138,000. Verity Asset Management Inc. raised its position in MP Materials by 2.4% in the third quarter. Verity Asset Management Inc. now owns 34,718 shares of the company’s stock valued at $1,642,000 after purchasing an additional 823 shares during the last quarter. Putney Financial Group LLC boosted its stake in shares of MP Materials by 4.4% during the third quarter. Putney Financial Group LLC now owns 6,123 shares of the company’s stock valued at $290,000 after purchasing an additional 257 shares in the last quarter. Finally, Integrity Alliance LLC. boosted its stake in shares of MP Materials by 5.8% during the third quarter. Integrity Alliance LLC. now owns 11,949 shares of the company’s stock valued at $565,000 after purchasing an additional 659 shares in the last quarter. 52.55% of the stock is owned by institutional investors.
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.
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