MP Materials (NYSE:MP) Trading Down 1.8% - Here's Why

Key Points

• MP Materials stock decreased by 1.8% during trading on Friday, with a closing price of $75.21, after trading as low as $73.50.
• Analysts have recently upgraded the stock, with Jefferies raising the rating to "buy" and setting a price target of $80.00, while MarketBeat reports a consensus price target of $60.63.
• MP Materials reported earnings per share of ($0.13), exceeding expectations and demonstrating an 83.6% year-over-year increase in revenue despite a negative net margin.

MP Materials Corp. (NYSE:MP - Get Free Report)'s share price was down 1.8% during trading on Friday . The stock traded as low as $73.50 and last traded at $75.21. Approximately 3,899,468 shares traded hands during trading, a decline of 58% from the average daily volume of 9,220,140 shares. The stock had previously closed at $76.58.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MP. Jefferies Financial Group raised MP Materials from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a research report on Friday, August 1st. Wall Street Zen raised MP Materials from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Cfra Research raised MP Materials to a "moderate buy" rating in a research report on Monday. Morgan Stanley set a $65.00 price objective on MP Materials and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Finally, Robert W. Baird boosted their price objective on MP Materials from $52.00 to $69.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, MP Materials has an average rating of "Moderate Buy" and a consensus price target of $60.63.

MP Materials Trading Down 2.3%

The firm has a market cap of $12.24 billion, a PE ratio of -118.46 and a beta of 2.30. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83. The business has a fifty day moving average price of $48.33 and a 200 day moving average price of $32.17.

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

Institutional Trading of MP Materials

Several hedge funds have recently modified their holdings of MP. Envestnet Asset Management Inc. lifted its holdings in shares of MP Materials by 3.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company's stock valued at $322,000 after buying an additional 662 shares during the period. Invesco Ltd. increased its position in 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 buying an additional 7,453 shares in the last quarter. Raymond James Financial Inc. purchased a new position in MP Materials during the fourth quarter worth $6,284,000. Sterling Capital Management LLC increased its position in MP Materials by 57.2% during the fourth quarter. Sterling Capital Management LLC now owns 7,852 shares of the company's stock worth $122,000 after buying an additional 2,858 shares in the last quarter. Finally, Barclays PLC increased its position in MP Materials by 150.2% during the fourth quarter. Barclays PLC now owns 121,392 shares of the company's stock worth $1,895,000 after buying an additional 72,868 shares in the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

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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