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

MP Materials (NYSE:MP) had its price objective boosted by DA Davidson from $20.00 to $23.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts also recently issued reports on MP. JPMorgan Chase & Co. reduced their price target on shares of MP Materials from $16.00 to $15.00 and set a neutral rating for the company in a research report on Tuesday, July 23rd. Robert W. Baird lifted their price target on shares of MP Materials from $20.00 to $25.00 and gave the company an outperform rating in a research report on Friday, September 27th. BMO Capital Markets lifted their price target on shares of MP Materials from $15.50 to $16.00 and gave the company a market perform rating in a research report on Monday. Benchmark reissued a buy rating and issued a $30.00 price target on shares of MP Materials in a research report on Friday, August 2nd. Finally, Morgan Stanley lifted their price target on shares of MP Materials from $13.50 to $16.00 and gave the company an equal weight rating in a research report on Thursday, September 19th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $20.85.

MP Materials Stock Performance

NYSE:MP opened at $16.94 on Tuesday. The company has a market capitalization of $2.80 billion, a PE ratio of -112.93 and a beta of 2.23. The company has a 50 day simple moving average of $13.51 and a two-hundred day simple moving average of $14.63. The company has a debt-to-equity ratio of 0.84, a quick ratio of 6.17 and a current ratio of 6.90. MP Materials has a fifty-two week low of $10.02 and a fifty-two week high of $20.85.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.08). The company had revenue of $31.26 million for the quarter, compared to analyst estimates of $40.03 million. MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The business’s quarterly revenue was down 51.2% compared to the same quarter last year. During the same period last year, the business earned $0.07 EPS. Research analysts anticipate that MP Materials will post -0.47 earnings per share for the current year.

MP Materials declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 13.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at MP Materials

In related news, COO Michael Stuart Rosenthal acquired 30,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were 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 in the company, valued at $15,208,249. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 12.60% of the company’s stock.

Institutional Investors Weigh In On MP Materials

A number of hedge funds have recently made changes to their positions in MP. Norges Bank bought a new stake in shares of MP Materials during the 4th quarter worth $10,484,000. TFO Wealth Partners LLC raised its stake in MP Materials by 153,700.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock valued at $31,000 after acquiring an additional 1,537 shares during the period. First Trust Advisors LP raised its stake in MP Materials by 9.5% in the 4th quarter. First Trust Advisors LP now owns 1,454,589 shares of the company’s stock valued at $28,874,000 after acquiring an additional 126,611 shares during the period. Old West Investment Management LLC raised its stake in MP Materials by 56.3% in the 4th quarter. Old West Investment Management LLC now owns 250,000 shares of the company’s stock valued at $4,962,000 after acquiring an additional 90,000 shares during the period. Finally, Cladis Investment Advisory LLC bought a new stake in MP Materials in the 4th quarter valued at about $779,000. 52.55% of the stock is currently owned by institutional investors.

About MP Materials

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.