MP Materials (NYSE:MP) Hits New 1-Year High Following Analyst Upgrade

Key Points

• MP Materials Corp. shares reached a new 52-week high of $82.50 after Canaccord Genuity raised their price target from $64.00 to $77.00, maintaining a buy rating.
• Multiple analysts have upgraded their ratings and price targets for MP Materials, with a consensus target price currently at $60.63 and an average rating of "Moderate Buy".
• The company reported revenue of $57.39 million for the last quarter, exceeding estimates and reflecting an 83.6% year-over-year increase.

Shares of MP Materials Corp. (NYSE:MP - Get Free Report) hit a new 52-week high during mid-day trading on Monday after Canaccord Genuity Group raised their price target on the stock from $64.00 to $77.00. Canaccord Genuity Group currently has a buy rating on the stock. MP Materials traded as high as $82.50 and last traded at $77.21, with a volume of 6728518 shares traded. The stock had previously closed at $74.32.

Several other equities research analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of MP Materials from $20.00 to $69.00 and gave the company a "hold" rating in a research note on Thursday, July 17th. Morgan Stanley set a $65.00 price objective on shares of MP Materials and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Jefferies Financial Group upgraded shares of MP Materials from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a report on Friday, August 1st. JPMorgan Chase & Co. increased their price objective on shares of MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Robert W. Baird raised their target price on shares of MP Materials from $52.00 to $69.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $60.63.

Institutional Investors Weigh In On MP Materials

Several institutional investors have recently bought and sold shares of MP. Highline Wealth Partners LLC bought a new position in MP Materials during the 2nd quarter valued at approximately $25,000. AdvisorNet Financial Inc lifted its position in MP Materials by 168.7% during the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company's stock valued at $27,000 after purchasing an additional 506 shares in the last quarter. Spire Wealth Management lifted its position in shares of MP Materials by 181.3% in the second quarter. Spire Wealth Management now owns 1,010 shares of the company's stock valued at $34,000 after acquiring an additional 651 shares in the last quarter. 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. Finally, Harbour Investments Inc. increased its holdings in shares of MP Materials by 32.9% in the second quarter. Harbour Investments Inc. now owns 1,220 shares of the company's stock worth $41,000 after purchasing an additional 302 shares during the last quarter. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

MP Materials Stock Up 3.8%

The company has a fifty day moving average price of $44.20 and a 200-day moving average price of $30.83. The company has a quick ratio of 3.12, a current ratio of 3.60 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $12.61 billion, a P/E ratio of -122.55 and a beta of 2.30.

MP Materials (NYSE:MP - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.03. The firm had revenue of $57.39 million during the quarter, compared to the consensus estimate of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The firm's revenue for the quarter was up 83.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.17) EPS. As a group, research analysts forecast that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

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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