Canaccord Genuity Group Issues Positive Forecast for MP Materials (NYSE:MP) Stock Price

Key Points

• Canaccord Genuity Group has raised its price target for MP Materials from $64 to $77, indicating a potential upside of 3.61% from the current stock price.
• MP Materials' stock has recently traded up by 4.6%, reaching a price of $74.32, with a high of $79.36 over the past 12 months.
• Multiple brokerages have issued reports on MP Materials, with a consensus rating of "Moderate Buy" and an average target price of $60.63.

MP Materials (NYSE:MP - Get Free Report) had its price objective upped by equities researchers at Canaccord Genuity Group from $64.00 to $77.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 3.61% from the company's current price.

Several other brokerages have also recently issued reports on MP. Cowen reissued a "buy" rating on shares of MP Materials in a report on Friday. Deutsche Bank Aktiengesellschaft boosted their price objective on MP Materials from $20.00 to $69.00 and gave the company a "hold" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. boosted their price objective on MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Morgan Stanley set a $65.00 price objective on MP Materials and gave the company an "equal weight" rating in a report on Thursday, July 31st. Finally, Robert W. Baird boosted their price objective on MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, MP Materials has a consensus rating of "Moderate Buy" and a consensus target price of $60.63.

MP Materials Stock Up 4.6%

MP stock traded up $3.25 on Friday, hitting $74.32. 24,342,741 shares of the company's stock were exchanged, compared to its average volume of 9,108,068. MP Materials has a 12-month low of $11.07 and a 12-month high of $79.36. The firm has a 50 day moving average price of $43.15 and a two-hundred day moving average price of $30.33. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.58 and a current ratio of 4.12. The stock has a market cap of $12.15 billion, a P/E ratio of -114.34 and a beta of 2.30.

MP Materials (NYSE:MP - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.03. MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The firm had revenue of $57.39 million for the quarter, compared to the consensus estimate of $44.84 million. During the same period in the previous year, the business earned ($0.17) EPS. The firm's revenue for the quarter was up 83.6% on a year-over-year basis. As a group, equities research analysts expect that MP Materials will post -0.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Highline Wealth Partners LLC acquired a new stake in shares of MP Materials in the second quarter valued at $25,000. AdvisorNet Financial Inc increased its holdings in MP Materials by 168.7% in the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company's stock valued at $27,000 after buying an additional 506 shares during the last quarter. NBC Securities Inc. grew its holdings in shares of MP Materials by 119,900.0% during the first quarter. NBC Securities Inc. now owns 1,200 shares of the company's stock worth $29,000 after purchasing an additional 1,199 shares during the last quarter. MAI Capital Management grew its holdings in shares of MP Materials by 132.7% during the first quarter. MAI Capital Management now owns 1,403 shares of the company's stock worth $34,000 after purchasing an additional 800 shares during the last quarter. Finally, Spire Wealth Management grew its holdings in shares of MP Materials by 181.3% during the second quarter. Spire Wealth Management now owns 1,010 shares of the company's stock worth $34,000 after purchasing an additional 651 shares during the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

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.

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