MP Materials (NYSE:MP) Trading 1.9% Higher - Here's What Happened

Key Points

• MP Materials shares increased by 1.9% during mid-day trading, with a last traded price of $72.72. This marks a significant drop in trading volume, down 66% from the average.
• Analysts have recently revised price targets for MP Materials, with estimates ranging from $64.00 to $77.00, and a consensus rating of "Moderate Buy".
• The company reported a revenue of $57.39 million for the latest quarter, exceeding the expectations of $44.84 million, reflecting an 83.6% increase year-over-year.

MP Materials Corp. (NYSE:MP - Get Free Report) shares rose 1.9% during mid-day trading on Thursday . The stock traded as high as $74.00 and last traded at $72.72. Approximately 3,154,097 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 9,286,996 shares. The stock had previously closed at $71.40.

Wall Street Analyst Weigh In

Several brokerages recently commented on MP. Robert W. Baird increased 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. Morgan Stanley set a $65.00 target price on shares of MP Materials and gave the stock an "equal weight" rating in a research note on Thursday, July 31st. Cfra Research raised shares of MP Materials to a "moderate buy" rating in a research report on Monday, August 11th. Canaccord Genuity Group upped their price objective on MP Materials from $64.00 to $77.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on MP Materials from $20.00 to $69.00 and gave the company a "hold" rating in a research note on Thursday, July 17th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, MP Materials has a consensus rating of "Moderate Buy" and a consensus target price of $60.63.

MP Materials Price Performance

The firm has a 50-day simple moving average of $55.55 and a 200-day simple moving average of $35.15. The firm has a market capitalization of $13.05 billion, a PE ratio of -117.15 and a beta of 2.30. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.60 and a quick ratio of 3.12.

MP Materials (NYSE:MP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.03. The firm had revenue of $57.39 million for the quarter, compared to analysts' expectations of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The business's quarterly revenue was up 83.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.17) EPS. As a group, equities analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current year.

Institutional Investors Weigh In On MP Materials

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in MP Materials by 7.4% in the 1st quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company's stock worth $333,503,000 after purchasing an additional 942,105 shares during the period. Caxton Associates LLP purchased a new stake in MP Materials in the second quarter worth about $132,238,000. Invesco Ltd. raised its stake in shares of MP Materials by 14.3% in the second quarter. Invesco Ltd. now owns 3,033,612 shares of the company's stock worth $100,928,000 after buying an additional 378,510 shares during the period. BNP Paribas Financial Markets raised its stake in shares of MP Materials by 76.3% in the second quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company's stock worth $97,200,000 after buying an additional 1,264,243 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of MP Materials by 8.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,207,017 shares of the company's stock valued at $34,433,000 after buying an additional 176,121 shares in the last quarter. 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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