DA Davidson Raises MP Materials (NYSE:MP) Price Target to $23.00

MP Materials (NYSE:MP) had its target price raised by DA Davidson from $20.00 to $23.00 in a report released on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also weighed in on MP. BMO Capital Markets upped their target price on shares of MP Materials from $15.50 to $16.00 and gave the stock a market perform rating in a research note on Monday, September 30th. Morgan Stanley upped their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an equal weight rating in a research note on Thursday, September 19th. Bank of America reduced their target price on shares of MP Materials from $25.00 to $24.00 and set a buy rating for the company in a research note on Wednesday, June 26th. Robert W. Baird increased their price objective on shares of MP Materials from $20.00 to $25.00 and gave the stock an outperform rating in a research note on Friday, September 27th. Finally, Benchmark restated a buy rating and set a $30.00 price objective on shares of MP Materials in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $20.85.

MP Materials Price Performance

Shares of MP stock opened at $17.38 on Tuesday. The company has a quick ratio of 6.17, a current ratio of 6.90 and a debt-to-equity ratio of 0.84. MP Materials has a 12-month low of $10.02 and a 12-month high of $20.85. The firm has a fifty day moving average of $13.51 and a 200-day moving average of $14.63. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of -115.83 and a beta of 2.23.

MP Materials (NYSE:MP) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.08). MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. The firm had revenue of $31.26 million during the quarter, compared to the consensus estimate of $40.03 million. During the same quarter in the prior year, the company earned $0.07 EPS. MP Materials’s quarterly revenue was down 51.2% on a year-over-year basis. On average, equities research analysts forecast that MP Materials will post -0.47 earnings per share for the current year.

MP Materials announced that its Board of Directors has initiated a stock buyback plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 13.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal bought 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average cost of $10.84 per share, for a total transaction of $325,200.00. Following the purchase, the chief operating officer now owns 1,402,975 shares of the company’s stock, valued at approximately $15,208,249. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 12.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MP. Price T Rowe Associates Inc. MD raised its holdings in MP Materials by 2,536.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock valued at $23,767,000 after acquiring an additional 1,598,861 shares during the period. Millennium Management LLC increased its holdings in shares of MP Materials by 425.5% during the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after purchasing an additional 648,838 shares during the period. Bank of Montreal Can increased its holdings in shares of MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock worth $11,462,000 after purchasing an additional 586,906 shares during the period. Norges Bank bought a new position in shares of MP Materials during the fourth quarter worth approximately $10,484,000. Finally, Pinnacle Associates Ltd. increased its holdings in shares of MP Materials by 151.1% during the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock worth $10,382,000 after purchasing an additional 490,767 shares during the period. 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.