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

Key Points

• The stock price of MP Materials Corp. (NYSE:MP) increased by 1.8% to $62.66, although trading volume was down 46% compared to average levels.
• Multiple brokerages have issued positive ratings, with Morgan Stanley upgrading the stock to "overweight" and raising its price target from $23.00 to $34.00.
• MP Materials reported a quarterly revenue of $60.81 million, missing analyst estimates, and had a negative return on equity of 9.77%.
• Approximately 52.55% of MP Materials' shares are held by institutional investors and hedge funds, indicating strong institutional interest.

Shares of MP Materials Corp. (NYSE:MP - Get Free Report) were up 1.8% during mid-day trading on Friday . The company traded as high as $63.70 and last traded at $62.66. Approximately 4,714,642 shares changed hands during trading, a decline of 46% from the average daily volume of 8,736,054 shares. The stock had previously closed at $61.56.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on MP shares. Canaccord Genuity Group boosted their price target on shares of MP Materials from $27.00 to $55.00 and gave the company a "buy" rating in a report on Friday, July 11th. Jefferies Financial Group restated a "hold" rating and set a $33.00 price target (up previously from $32.00) on shares of MP Materials in a report on Monday, July 7th. Morgan Stanley raised shares of MP Materials from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $23.00 to $34.00 in a research report on Thursday, June 5th. Robert W. Baird boosted their price objective on shares of MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. boosted 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. Five 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 currently has an average rating of "Moderate Buy" and an average price target of $46.11.

MP Materials Price Performance

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 company has a market capitalization of $10.50 billion, a P/E ratio of -98.78 and a beta of 2.26. The company's 50-day simple moving average is $35.08 and its 200 day simple moving average is $27.67.

MP Materials (NYSE:MP - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.12) 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 the consensus estimate of $64.74 million. MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The business's revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.04) earnings per share. As a group, sell-side analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Institutional Trading of MP Materials

Large investors have recently added to or reduced their stakes in the business. Highline Wealth Partners LLC bought a new stake in shares of MP Materials during the 2nd quarter worth $25,000. AdvisorNet Financial Inc raised its stake in MP Materials by 168.7% during the 2nd quarter. AdvisorNet Financial Inc now owns 806 shares of the company's stock valued at $27,000 after purchasing an additional 506 shares during the last quarter. NBC Securities Inc. raised its stake in MP Materials by 119,900.0% during the 1st quarter. NBC Securities Inc. now owns 1,200 shares of the company's stock valued at $29,000 after purchasing an additional 1,199 shares during the last quarter. Harbour Investments Inc. raised its stake in shares of MP Materials by 32.9% in the 2nd quarter. Harbour Investments Inc. now owns 1,220 shares of the company's stock valued at $41,000 after buying an additional 302 shares in the last quarter. Finally, MAI Capital Management raised its stake in shares of MP Materials by 132.7% in the 1st quarter. MAI Capital Management now owns 1,403 shares of the company's stock valued at $34,000 after buying an additional 800 shares in the last quarter. 52.55% of the stock is owned by 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.