MP Materials (NYSE:MP) Price Target Cut to $19.00 by Analysts at Canaccord Genuity Group

MP Materials (NYSE:MP) had its price objective cut by Canaccord Genuity Group from $20.00 to $19.00 in a report published on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft lowered their target price on MP Materials from $13.50 to $12.50 and set a hold rating on the stock in a research note on Tuesday, August 6th. JPMorgan Chase & Co. lowered their target price on MP Materials from $16.00 to $15.00 and set a neutral rating on the stock in a research note on Tuesday, July 23rd. BMO Capital Markets initiated coverage on MP Materials in a research report on Monday, July 15th. They set a market perform rating and a $16.50 price target on the stock. Robert W. Baird lowered their price target on MP Materials from $24.00 to $20.00 and set an outperform rating on the stock in a research report on Monday, July 15th. Finally, Benchmark reiterated a buy rating and set a $30.00 price target on shares of MP Materials in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $19.89.

MP Materials Stock Down 0.1 %

MP Materials stock opened at $12.89 on Tuesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 9.28 and a current ratio of 10.29. The business’s 50-day simple moving average is $13.09 and its two-hundred day simple moving average is $14.69. The company has a market cap of $2.13 billion, a PE ratio of -85.93 and a beta of 2.22. MP Materials has a fifty-two week low of $10.02 and a fifty-two week high of $22.81.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.08). MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.13%. The firm had revenue of $31.26 million for the quarter, compared to analysts’ expectations of $40.03 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The firm’s revenue for the quarter was down 51.2% compared to the same quarter last year. Equities analysts anticipate that MP Materials will post -0.34 EPS for the current year.

Insider Buying and Selling

In other MP Materials news, COO Michael Stuart Rosenthal acquired 30,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average cost of $10.84 per share, for a total transaction of $325,200.00. Following the completion of the transaction, the chief operating officer now owns 1,402,975 shares of the company’s stock, valued at approximately $15,208,249. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of MP Materials by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock worth $198,216,000 after buying an additional 225,554 shares during the period. Van ECK Associates Corp boosted its holdings in MP Materials by 15.2% in the fourth quarter. Van ECK Associates Corp now owns 3,122,224 shares of the company’s stock valued at $61,976,000 after purchasing an additional 411,771 shares during the period. Baillie Gifford & Co. boosted its holdings in MP Materials by 2.8% in the second quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company’s stock valued at $35,895,000 after purchasing an additional 76,288 shares during the period. Dimensional Fund Advisors LP boosted its holdings in MP Materials by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company’s stock valued at $29,993,000 after purchasing an additional 71,454 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in MP Materials by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 1,733,517 shares of the company’s stock valued at $22,068,000 after purchasing an additional 26,119 shares during the period. 52.55% of the stock is currently owned by hedge funds and other 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.