MP Materials (NYSE:MP) Trading 1.8% Higher After Analyst Upgrade

Key Points

• MP Materials Corp. shares increased by 1.8% following an analyst upgrade from Canaccord Genuity Group, which raised the price target from $64.00 to $77.00 while maintaining a buy rating.
• The company reported $57.39 million in revenue for the quarter, exceeding analyst estimates and showing an 83.6% increase compared to the same period last year.
• MP Materials has a market cap of $12.28 billion and an average analyst rating of "Moderate Buy", with a consensus target price of $60.63.

Shares of MP Materials Corp. (NYSE:MP - Get Free Report) traded up 1.8% 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 $75.64. 11,143,433 shares were traded during trading, an increase of 22% from the average session volume of 9,107,537 shares. The stock had previously closed at $74.32.

A number of other equities analysts also recently issued reports on MP. 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. Wall Street Zen upgraded shares of MP Materials from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Cowen restated a "buy" rating on shares of MP Materials in a research report on Friday. Jefferies Financial Group raised shares of MP Materials from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a research note on Friday, August 1st. Finally, JPMorgan Chase & Co. upped their target price on shares of MP Materials from $18.00 to $64.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $60.63.

Hedge Funds Weigh In On MP Materials

Several institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in MP Materials by 52.3% in the 1st quarter. GAMMA Investing LLC now owns 5,750 shares of the company's stock worth $140,000 after purchasing an additional 1,975 shares during the last quarter. Invesco Ltd. grew its holdings in shares of MP Materials by 0.4% during the fourth quarter. Invesco Ltd. now owns 2,118,580 shares of the company's stock worth $33,050,000 after purchasing an additional 7,453 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of MP Materials during the first quarter valued at $213,000. Illinois Municipal Retirement Fund acquired a new position in shares of MP Materials during the first quarter valued at $1,460,000. Finally, Cetera Investment Advisers raised its position in shares of MP Materials by 193.1% during the first quarter. Cetera Investment Advisers now owns 123,455 shares of the company's stock worth $3,014,000 after purchasing an additional 81,337 shares during the period. Hedge funds and other institutional investors own 52.55% of the company's stock.

MP Materials Stock Performance

The company has a debt-to-equity ratio of 0.83, a current ratio of 3.60 and a quick ratio of 3.12. The stock has a 50-day moving average price of $44.20 and a 200 day moving average price of $30.83. The company has a market cap of $12.28 billion, a price-to-earnings ratio of -119.42 and a beta of 2.30.

MP Materials (NYSE:MP - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.03. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%. The firm had revenue of $57.39 million during the quarter, compared to the consensus estimate of $44.84 million. During the same period in the prior year, the company posted ($0.17) EPS. The company's revenue was up 83.6% compared to the same quarter last year. As a group, analysts anticipate 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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