MP Materials (NYSE:MP) Stock Gets Price Target Cut from Canaccord Genuity Group

MP Materials (NYSE:MP) had its target price decreased by Canaccord Genuity Group from $82.00 to $70.00 in a report issued on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on the company. Citigroup reaffirmed a “positive” rating on shares of MP Materials in a report on Wednesday, July 15th. Freedom Broker assumed coverage on shares of MP Materials in a report on Wednesday, September 16th. They set a “hold” rating and a $57.00 price objective on the stock. Needham & Company LLC decreased their price objective on shares of MP Materials from $81.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Barclays lowered their price objective on shares of MP Materials from $65.00 to $54.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of MP Materials in a research note on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.50.

MP Materials Trading Up 1.0%

Shares of MP opened at $36.81 on Monday. The stock has a fifty day moving average price of $44.57 and a two-hundred day moving average price of $53.98. The company has a debt-to-equity ratio of 0.48, a quick ratio of 6.04 and a current ratio of 6.75. MP Materials has a 52-week low of $31.90 and a 52-week high of $76.80. The company has a market cap of $6.56 billion, a price-to-earnings ratio of -167.32 and a beta of 2.05.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06. The company had revenue of $147.66 million for the quarter, compared to analyst estimates of $117.37 million. MP Materials had a negative return on equity of 0.05% and a negative net margin of 9.90%. The business’s revenue was up 175.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. Analysts predict that MP Materials will post -0.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MP. Bank of New York Mellon Corp bought a new stake in shares of MP Materials during the second quarter worth $65,230,000. Voya Investment Management LLC boosted its holdings in MP Materials by 72.4% in the third quarter. Voya Investment Management LLC now owns 1,482,169 shares of the company’s stock valued at $70,092,000 after acquiring an additional 622,641 shares during the last quarter. State Street Corp boosted its holdings in MP Materials by 5.1% in the second quarter. State Street Corp now owns 7,773,746 shares of the company’s stock valued at $435,408,000 after acquiring an additional 376,519 shares during the last quarter. Amundi increased its position in MP Materials by 260.2% in the first quarter. Amundi now owns 385,001 shares of the company’s stock worth $18,580,000 after purchasing an additional 278,126 shares during the period. Finally, Principal Financial Group Inc. increased its position in MP Materials by 32.4% in the first quarter. Principal Financial Group Inc. now owns 919,083 shares of the company’s stock worth $44,355,000 after purchasing an additional 225,009 shares during the period. 52.55% of the stock is currently owned by institutional investors.

Key Headlines Impacting MP Materials

Investors following MP have been watching these headlines:

• Positive Sentiment: Freedom Broker upgraded MP from “hold” to “buy” and set a $51 price target, citing valuation and expected manufacturing cost savings. Article: MP Stock Rises Overnight After Freedom Broker’s Upgrade
• Neutral Sentiment: China extended its rare-earth export reprieve, easing near-term supply concerns, while lawmakers are considering tighter oversight of U.S. government involvement in rare-earth supply chains. Article: MP Materials Heads For Review As $400 Million Federal Stake Draws Scrutiny
• Negative Sentiment: Deutsche Bank cut its price target to $40 from $53, although it kept a Buy rating. The reduction may weigh on sentiment by signaling lower expected upside. Article: Deutsche Bank Adjusts MP Materials Price Target

MP Materials Company Profile

MP Materials operates the Mountain Pass rare earth mine and processing facility in California. The site is a major North American source of rare earth materials, which are used in products such as electric vehicles, wind turbines, electronics and defense systems. The company mines and processes rare earth ore into concentrate and separated products, including neodymium-praseodymium (NdPr), a key input for high-strength permanent magnets. MP Materials is also developing domestic magnet manufacturing capabilities to extend its business further along the supply chain.