MP Materials Corp. (NYSE:MP – Get Free Report) shares were down 2% during trading on Wednesday . The stock traded as low as $54.21 and last traded at $54.2590. 3,814,526 shares traded hands during trading, a decline of 42% from the average daily volume of 6,562,117 shares. The stock had previously closed at $55.37.
Wall Street Analyst Weigh In
Several research firms have weighed in on MP. Deutsche Bank Aktiengesellschaft cut their target price on MP Materials from $70.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Needham & Company LLC lowered 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. Morgan Stanley restated an “overweight” rating on shares of MP Materials in a research report on Wednesday, August 19th. Wall Street Zen lowered MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Finally, DA Davidson reiterated a “buy” rating and issued a $82.00 target price on shares of MP Materials in a research report on Monday, August 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.21.
Check Out Our Latest Report on MP Materials
MP Materials Trading Down 1.0%
MP Materials (NYSE:MP – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.01) EPS for the quarter, meeting analysts’ consensus estimates of ($0.01). The firm had revenue of $108.49 million for the quarter, compared to analyst estimates of $96.89 million. MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%.The business’s revenue for the quarter was up 89.0% on a year-over-year basis. During the same period last year, the firm posted ($0.13) earnings per share. As a group, equities analysts forecast that MP Materials Corp. will post -0.12 earnings per share for the current fiscal year.
Institutional Investors Weigh In On MP Materials
Several hedge funds have recently added to or reduced their stakes in MP. EMC Capital Management acquired a new position in shares of MP Materials during the fourth quarter worth $25,000. REAP Financial Group LLC bought a new position in MP Materials during the 4th quarter worth $26,000. Toth Financial Advisory Corp raised its position in MP Materials by 73.3% during the 2nd quarter. Toth Financial Advisory Corp now owns 520 shares of the company’s stock worth $29,000 after purchasing an additional 220 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in MP Materials during the 4th quarter worth about $28,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of MP Materials in the 4th quarter valued at about $36,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.
MP Materials Company Profile
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.
Read More
- Five stocks we like better than MP Materials
- Block Makes a Federal Trust Bank Move That Could Reshape Its Fintech Model
- Kroger’s Textbook Entry for Buy-and-Hold Investors
- AST SpaceMobile Looks to Extend Its 30-Day FCC Satellite Testing Window
- Amgen Drops 10% on a Trial It Didn’t Even Run
Receive News & Ratings for MP Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MP Materials and related companies with MarketBeat.com's FREE daily email newsletter.
