MP Materials (NYSE:MP) Upgraded by JPMorgan Chase & Co. to “Overweight” Rating

MP Materials (NYSE:MP) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage presently has a $74.00 price target on the stock, down from their prior price target of $75.00. JPMorgan Chase & Co.‘s target price points to a potential upside of 24.99% from the stock’s current price.

A number of other equities analysts have also weighed in on MP. Cfra Research upgraded MP Materials to a “moderate buy” rating in a research note on Monday, August 11th. Benchmark reiterated a “buy” rating on shares of MP Materials in a research report on Friday, August 29th. Jefferies Financial Group raised MP Materials from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a research note on Friday, August 1st. Robert W. Baird boosted their target price on shares of MP Materials from $52.00 to $69.00 and gave the company an “outperform” rating in a research report on Wednesday, July 23rd. Finally, DA Davidson reissued a “buy” rating and set a $82.00 price target on shares of MP Materials in a report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, MP Materials has an average rating of “Moderate Buy” and a consensus price target of $79.00.

MP Materials Trading Up 2.9%

MP Materials stock traded up $1.67 during mid-day trading on Friday, hitting $59.21. 5,217,184 shares of the company’s stock were exchanged, compared to its average volume of 10,854,748. MP Materials has a fifty-two week low of $15.56 and a fifty-two week high of $100.25. The company has a quick ratio of 7.51, a current ratio of 8.05 and a debt-to-equity ratio of 0.47. The company’s 50 day simple moving average is $69.19 and its 200-day simple moving average is $52.54. The firm has a market capitalization of $10.49 billion, a P/E ratio of -83.66 and a beta of 2.26.

MP Materials (NYSE:MP) last released its earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.05. The business had revenue of $53.55 million during the quarter, compared to the consensus estimate of $49.72 million. MP Materials had a negative net margin of 50.55% and a negative return on equity of 7.69%. The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.12) earnings per share. On average, equities analysts anticipate that MP Materials will post -0.19 earnings per share for the current year.

Insider Activity at MP Materials

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of the business’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $72.02, for a total value of $10,803,000.00. Following the transaction, the chief operating officer owned 1,284,409 shares in the company, valued at $92,503,136.18. The trade was a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of MP Materials

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas acquired a new stake in shares of MP Materials in the 1st quarter worth about $437,000. Envestnet Asset Management Inc. grew its position in MP Materials by 12.6% during the first quarter. Envestnet Asset Management Inc. now owns 23,254 shares of the company’s stock valued at $568,000 after buying an additional 2,604 shares during the period. Cerity Partners LLC lifted its stake in MP Materials by 99.7% in the first quarter. Cerity Partners LLC now owns 20,308 shares of the company’s stock valued at $496,000 after purchasing an additional 10,138 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of MP Materials by 16.9% during the 1st quarter. New York State Common Retirement Fund now owns 103,743 shares of the company’s stock worth $2,532,000 after acquiring an additional 15,009 shares during the period. Finally, CWM LLC increased its holdings in MP Materials by 16.5% in the 1st quarter. CWM LLC now owns 3,566 shares of the company’s stock worth $87,000 after acquiring an additional 505 shares during the last quarter. 52.55% of the stock is owned by institutional investors.

MP Materials Company Profile

MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It holds the mineral rights to the Mountain Pass mine and surrounding areas, as well as intellectual property rights related to the processing and development of rare earth minerals.