Barclays Lowers MP Materials (NYSE:MP) Price Target to $65.00

MP Materials (NYSE:MPGet Free Report) had its price objective decreased by equities researchers at Barclays from $69.00 to $65.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 31.32% from the stock’s current price.

A number of other equities analysts also recently commented on MP. DA Davidson reiterated a “buy” rating and issued a $82.00 target price on shares of MP Materials in a report on Friday, June 5th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of MP Materials from $70.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Morgan Stanley boosted their price objective on shares of MP Materials from $70.00 to $71.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 8th. Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a research note on Tuesday, April 21st. Finally, Wedbush lifted 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. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $79.25.

Read Our Latest Analysis on MP

MP Materials Trading Down 2.5%

Shares of MP opened at $49.50 on Thursday. The company’s fifty day simple moving average is $59.16 and its 200-day simple moving average is $59.29. The company has a market cap of $8.81 billion, a P/E ratio of -117.85 and a beta of 1.86. The company has a current ratio of 7.18, a quick ratio of 6.58 and a debt-to-equity ratio of 0.47. MP Materials has a twelve month low of $44.43 and a twelve month high of $100.25.

MP Materials (NYSE:MPGet Free Report) last released its quarterly earnings data 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. The company had revenue of $90.65 million during the quarter, compared to analysts’ expectations of $74.82 million. MP Materials had a negative net margin of 28.00% and a negative return on equity of 2.27%. The firm’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.12) EPS. As a group, analysts expect that MP Materials will post 0.04 EPS for the current year.

Insider Activity at MP Materials

In related news, COO Michael Stuart Rosenthal purchased 17,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was bought at an average cost of $56.62 per share, with a total value of $962,540.00. Following the completion of the acquisition, the chief operating officer owned 1,333,673 shares of the company’s stock, valued at $75,512,565.26. The trade was a 1.29% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Ryan Corbett sold 20,000 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $75.00, for a total transaction of $1,500,000.00. Following the sale, the chief financial officer directly owned 109,017 shares in the company, valued at approximately $8,176,275. The trade was a 15.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 1,205,167 shares of company stock worth $79,371,654. 8.20% of the stock is owned by corporate insiders.

Institutional Trading of MP Materials

Large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of MP Materials during the 4th quarter worth about $82,531,000. BNP Paribas Financial Markets boosted its position in shares of MP Materials by 76.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock worth $97,200,000 after acquiring an additional 1,264,243 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of MP Materials by 71.6% during the fourth quarter. Van ECK Associates Corp now owns 2,834,914 shares of the company’s stock worth $143,220,000 after purchasing an additional 1,183,307 shares during the last quarter. Hancock Prospecting Pty Ltd grew its holdings in shares of MP Materials by 7.2% during the third quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company’s stock worth $996,741,000 after buying an additional 1,000,000 shares during the last quarter. Finally, Amundi increased its stake in MP Materials by 1,320.8% in the 3rd quarter. Amundi now owns 954,317 shares of the company’s stock valued at $70,934,000 after buying an additional 887,148 shares during the period. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

About MP Materials

(Get Free Report)

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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