MP Materials (NYSE:MP) Shares Up 1.9% - Here's What Happened

Key Points

• MP Materials Corp. shares rose 1.9% to $66.65, with a significant drop in trading volume compared to the average.
• Several brokerages have recently upgraded MP Materials, with Jefferies Financial Group setting a price target of $80.00 and Robert W. Baird raising theirs to $69.00.
• The company reported a loss of ($0.12) earnings per share in their last quarterly earnings, missing estimates, despite a year-over-year revenue increase of 24.9%.

MP Materials Corp. (NYSE:MP - Get Free Report) shot up 1.9% on Tuesday . The company traded as high as $68.36 and last traded at $66.65. 4,217,514 shares changed hands during trading, a decline of 52% from the average session volume of 8,872,529 shares. The stock had previously closed at $65.42.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MP. Robert W. Baird boosted their price target on MP Materials from $52.00 to $69.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Wall Street Zen upgraded MP Materials from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Jefferies Financial Group upgraded MP Materials from a "hold" rating to a "buy" rating and set a $80.00 price target for the company in a report on Friday. Morgan Stanley set a $65.00 price target on MP Materials and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of MP Materials from $20.00 to $69.00 and gave the stock a "hold" rating in a research report on Thursday, July 17th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $57.88.

MP Materials Stock Up 3.2%

The company has a quick ratio of 3.58, a current ratio of 4.12 and a debt-to-equity ratio of 0.81. The business's fifty day moving average price is $40.18 and its 200 day moving average price is $29.45. The firm has a market capitalization of $11.03 billion, a PE ratio of -103.87 and a beta of 2.30.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $60.81 million during the quarter, compared to analyst estimates of $64.74 million. MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. MP Materials's revenue was up 24.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.04) EPS. On average, equities research analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MP Materials

Several large investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its stake in shares of MP Materials by 44.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company's stock worth $101,986,000 after purchasing an additional 2,005,505 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of MP Materials in the first quarter worth $34,288,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of MP Materials by 429.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company's stock worth $37,839,000 after buying an additional 1,257,282 shares during the last quarter. BNP Paribas Financial Markets bought a new position in MP Materials during the fourth quarter worth $14,886,000. Finally, Vanguard Group Inc. increased its position in MP Materials by 7.4% during the first quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company's stock worth $333,503,000 after acquiring an additional 942,105 shares during the period. Institutional investors and hedge funds own 52.55% of the company's stock.

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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