Canaccord Genuity Group Forecasts Strong Price Appreciation for MP Materials (NYSE:MP) Stock

MP Materials (NYSE:MP - Free Report) had its price objective boosted by Canaccord Genuity Group from $27.00 to $55.00 in a report published on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts also recently issued reports on the company. Morgan Stanley upgraded MP Materials from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $23.00 to $34.00 in a research note on Thursday, June 5th. JPMorgan Chase & Co. dropped their price target on MP Materials from $21.00 to $18.00 and set a "neutral" rating on the stock in a research note on Monday, May 12th. DA Davidson raised their price target on MP Materials from $25.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Robert W. Baird raised their price target on MP Materials from $30.00 to $38.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 17th. Finally, BMO Capital Markets raised their price target on MP Materials from $22.00 to $29.00 and gave the stock a "market perform" rating in a research note on Thursday, March 20th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $31.28.

MP Materials Trading Down 0.4%

MP traded down $0.17 during midday trading on Friday, reaching $45.06. 37,119,144 shares of the company's stock traded hands, compared to its average volume of 5,254,902. The firm has a fifty day moving average of $27.71 and a two-hundred day moving average of $24.66. The stock has a market capitalization of $7.37 billion, a price-to-earnings ratio of -69.32 and a beta of 2.26. The company has a debt-to-equity ratio of 0.81, a current ratio of 4.12 and a quick ratio of 3.58. MP Materials has a 52 week low of $10.02 and a 52 week high of $50.84.

MP Materials (NYSE:MP - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The firm had revenue of $60.81 million during the quarter, compared to the consensus estimate of $64.74 million. During the same period in the prior year, the company posted ($0.04) EPS. The firm's revenue was up 24.9% on a year-over-year basis. On average, equities analysts anticipate that MP Materials will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO James H. Litinsky sold 199,180 shares of MP Materials stock in a transaction on Monday, April 14th. The stock was sold at an average price of $27.08, for a total transaction of $5,393,794.40. Following the transaction, the chief executive officer directly owned 13,643,076 shares in the company, valued at approximately $369,454,498.08. The trade was a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 9.50% of the company's stock.

Hedge Funds Weigh In On MP Materials

Large investors have recently made changes to their positions in the business. NBC Securities Inc. lifted its position in shares of MP Materials by 119,900.0% in the first quarter. NBC Securities Inc. now owns 1,200 shares of the company's stock valued at $29,000 after acquiring an additional 1,199 shares in the last quarter. MAI Capital Management increased its holdings in shares of MP Materials by 132.7% in 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. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of MP Materials in the first quarter worth about $35,000. Banque Cantonale Vaudoise bought a new stake in shares of MP Materials in the first quarter worth about $35,000. Finally, Harbor Investment Advisory LLC increased its holdings in shares of MP Materials by 51.0% in the second quarter. Harbor Investment Advisory LLC now owns 1,510 shares of the company's stock worth $50,000 after purchasing an additional 510 shares during the last quarter. 52.55% of the stock is currently owned by hedge funds and other 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.