MP Materials (NYSE:MP) Stock Price Up 2.1% - Still a Buy?

Key Points

• MP Materials Corp. stock rose 2.1% reaching a trading price of $65.01, though the trading volume was down 42% compared to its average.
• Analysts have raised their target prices significantly, with Canaccord Genuity setting a new price target of $55.00, and Jefferies increasing it to $80.00, indicating a mix of "buy" and "hold" ratings from different firms.
• Despite a revenue increase of 24.9% year-over-year, the company reported a quarterly earnings miss with a loss of ($0.12) per share, compared to analysts' expectations of ($0.10).

MP Materials Corp. (NYSE:MP - Get Free Report) rose 2.1% during mid-day trading on Monday . The company traded as high as $65.43 and last traded at $65.01. Approximately 5,105,591 shares were traded during trading, a decline of 42% from the average daily volume of 8,843,385 shares. The stock had previously closed at $63.69.

Wall Street Analysts Forecast Growth

MP has been the subject of several recent analyst reports. Canaccord Genuity Group lifted their target price on shares of MP Materials from $27.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Morgan Stanley set a $65.00 target price on shares of MP Materials and gave the stock an "equal weight" rating in a report on Thursday. JPMorgan Chase & Co. lifted their target price on shares of MP Materials from $18.00 to $64.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Wall Street Zen raised shares of MP Materials from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Jefferies Financial Group raised shares of MP Materials from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a report on Friday. 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 has an average rating of "Hold" and a consensus target price of $57.88.

MP Materials Trading Up 5.3%

The firm has a market capitalization of $10.96 billion, a PE ratio of -103.26 and a beta of 2.29. The stock's fifty day simple moving average is $39.26 and its 200 day simple moving average is $29.14. The company has a quick ratio of 3.58, a current ratio of 4.12 and a debt-to-equity ratio of 0.81.

MP Materials (NYSE:MP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share 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 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 for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.04) earnings per share. On average, sell-side analysts predict that MP Materials Corp. will post -0.19 earnings per share for the current year.

Hedge Funds Weigh In On MP Materials

Institutional investors have recently bought and sold shares of the stock. Highline Wealth Partners LLC bought a new stake in shares of MP Materials in the 2nd quarter worth about $25,000. AdvisorNet Financial Inc lifted its holdings in shares of MP Materials by 168.7% in the 2nd quarter. AdvisorNet Financial Inc now owns 806 shares of the company's stock worth $27,000 after acquiring an additional 506 shares during the last quarter. NBC Securities Inc. lifted its holdings in shares of MP Materials by 119,900.0% in the 1st quarter. NBC Securities Inc. now owns 1,200 shares of the company's stock worth $29,000 after acquiring an additional 1,199 shares during the last quarter. MAI Capital Management lifted its holdings 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 worth $34,000 after acquiring an additional 800 shares during the last quarter. Finally, Spire Wealth Management lifted its holdings in shares of MP Materials by 181.3% in the 2nd quarter. Spire Wealth Management now owns 1,010 shares of the company's stock worth $34,000 after acquiring an additional 651 shares during the last quarter. 52.55% of the stock is 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.

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