MP Materials (NYSE:MP) Stock Price Up 1.8% - Here's What Happened

Key Points

• MP Materials' stock rose 1.8%, with a trading volume of approximately 7.1 million shares, down 19% from its average daily volume.
• Analysts have increased price targets for MP Materials, with a consensus target of $54.78, amid varying ratings from major firms.
• Hedge funds and institutional investors currently hold 52.55% of the company's stock, with notable increases in holdings during the second quarter.

Shares of MP Materials Corp. (NYSE:MP - Get Free Report) rose 1.8% during trading on Friday . The stock traded as high as $64.50 and last traded at $62.59. Approximately 7,105,149 shares traded hands during trading, a decline of 19% from the average daily volume of 8,803,608 shares. The stock had previously closed at $61.50.

Wall Street Analysts Forecast Growth

MP has been the topic of a number of research analyst reports. Robert W. Baird boosted their price target on shares of MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Canaccord Genuity Group lifted their price target on MP Materials from $27.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Morgan Stanley set a $65.00 price target on shares of MP Materials and gave the stock an "equal weight" rating in a research note on Thursday. Jefferies Financial Group raised MP Materials from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of MP Materials from $20.00 to $69.00 and gave the company a "hold" rating in a report on Thursday, July 17th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, MP Materials currently has a consensus rating of "Moderate Buy" and an average target price of $54.78.

MP Materials Trading Up 1.2%

The stock has a market capitalization of $10.18 billion, a price-to-earnings ratio of -95.47 and a beta of 2.26. 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 company's 50 day moving average is $38.38 and its 200 day moving average is $28.72.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Rossby Financial LCC purchased a new position in MP Materials during the second quarter worth about $261,000. Teacher Retirement System of Texas boosted its position in MP Materials by 4.0% in the second quarter. Teacher Retirement System of Texas now owns 18,626 shares of the company's stock worth $620,000 after purchasing an additional 717 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of MP Materials during the 2nd quarter valued at $5,982,000. Envestnet Asset Management Inc. raised its position in MP Materials by 61.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 37,504 shares of the company's stock worth $1,248,000 after purchasing an additional 14,250 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of MP Materials by 17.7% during the second quarter. State of New Jersey Common Pension Fund D now owns 93,797 shares of the company's stock valued at $3,121,000 after buying an additional 14,089 shares during the period. Hedge funds and other institutional investors own 52.55% of the company's stock.

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.

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