MP Materials (NYSE:MP) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of MP Materials (NYSE:MP) from a neutral rating to an overweight rating in a research note published on Friday, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has $74.00 price objective on the stock, down from their prior price objective of $75.00.

Other analysts also recently issued reports about the stock. Daiwa Capital Markets assumed coverage on shares of MP Materials in a research report on Monday, September 22nd. They issued an “outperform” rating and a $80.00 target price on the stock. Cfra Research raised MP Materials to a “moderate buy” rating in a research report on Monday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a research report on Wednesday, October 8th. Wall Street Zen raised MP Materials from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Finally, Canaccord Genuity Group increased their target price on MP Materials from $64.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.00.

MP Materials Stock Up 1.7%

Shares of MP stock traded up $0.97 during midday trading on Friday, reaching $58.51. 10,287,716 shares of the stock were exchanged, compared to its average volume of 14,380,229. MP Materials has a 1 year low of $15.56 and a 1 year high of $100.25. The firm has a market cap of $10.37 billion, a PE ratio of -82.40 and a beta of 2.26. The company’s 50 day moving average is $69.11 and its two-hundred day moving average is $52.78. The company has a current ratio of 8.05, a quick ratio of 7.51 and a debt-to-equity ratio of 0.47.

MP Materials (NYSE:MP) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.05. The company had revenue of $53.55 million for the quarter, compared to analyst estimates of $49.72 million. MP Materials had a negative return on equity of 7.69% and a negative net margin of 50.55%.The firm’s revenue was down 14.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.12) earnings per share. On average, equities research analysts predict that MP Materials will post -0.19 EPS for the current year.

Insider Buying and Selling

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of the business’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $72.02, for a total value of $10,803,000.00. Following the completion of the transaction, the chief operating officer owned 1,284,409 shares of the company’s stock, valued at approximately $92,503,136.18. The trade was a 10.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 9.50% of the company’s stock.

Institutional Trading of MP Materials

A number of large investors have recently made changes to their positions in the stock. Highline Wealth Partners LLC bought a new position in MP Materials during the second quarter valued at approximately $25,000. Sound Income Strategies LLC raised its stake in MP Materials by 420.0% during the 3rd quarter. Sound Income Strategies LLC now owns 364 shares of the company’s stock valued at $26,000 after buying an additional 294 shares during the last quarter. AdvisorNet Financial Inc lifted its holdings in shares of MP Materials by 168.7% during the 2nd quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock valued at $27,000 after buying an additional 506 shares during the period. MAI Capital Management boosted its stake 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 buying an additional 800 shares during the last quarter. Finally, Spire Wealth Management grew its holdings in shares of MP Materials by 181.3% in the second 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 period. 52.55% of the stock is currently owned by 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.