MP Materials (NYSE:MP) Trading Up 5.1% Following Analyst Upgrade

Shares of MP Materials Corp. (NYSE:MP - Get Free Report) shot up 5.1% on Monday after Canaccord Genuity Group raised their price target on the stock from $27.00 to $55.00. Canaccord Genuity Group currently has a buy rating on the stock. MP Materials traded as high as $48.96 and last traded at $47.42. 10,976,812 shares were traded during trading, an increase of 107% from the average session volume of 5,290,539 shares. The stock had previously closed at $45.11.

Other research analysts have also recently issued research reports about the company. Robert W. Baird raised their price target on MP Materials from $30.00 to $38.00 and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Jefferies Financial Group reissued a "hold" rating and issued a $33.00 price objective (up from $32.00) on shares of MP Materials in a research note on Monday, July 7th. DA Davidson raised their target price on shares of MP Materials from $25.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. BMO Capital Markets upped their price target on shares of MP Materials from $22.00 to $29.00 and gave the company a "market perform" rating in a report on Thursday, March 20th. Finally, Morgan Stanley upgraded shares of MP Materials from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $23.00 to $34.00 in a research report on Thursday, June 5th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $31.28.

Institutional Investors Weigh In On MP Materials

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of MP Materials by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company's stock valued at $333,503,000 after buying an additional 942,105 shares during the period. Price T Rowe Associates Inc. MD grew its position in MP Materials by 44.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company's stock valued at $101,986,000 after acquiring an additional 2,005,505 shares in the last quarter. Invesco Ltd. grew its position in MP Materials by 25.3% in the first quarter. Invesco Ltd. now owns 2,655,102 shares of the company's stock valued at $64,811,000 after acquiring an additional 536,522 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of MP Materials by 8.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,207,017 shares of the company's stock valued at $34,433,000 after purchasing an additional 176,121 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in shares of MP Materials by 73.7% during the first quarter. BNP Paribas Financial Markets now owns 1,657,299 shares of the company's stock worth $40,455,000 after purchasing an additional 703,042 shares in the last quarter. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

MP Materials Stock Up 4.4%

The firm's 50 day moving average price is $27.71 and its two-hundred day moving average price is $24.77. The firm has a market capitalization of $7.70 billion, a PE ratio of -72.47 and a beta of 2.26. 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 released its quarterly 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). MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The business had revenue of $60.81 million during the quarter, compared to analyst estimates of $64.74 million. During the same quarter last year, the firm posted ($0.04) EPS. The company's revenue was up 24.9% compared to the same quarter last year. As a group, research analysts forecast that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

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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