MP Materials (NYSE:MP) Reaches New 52-Week Low – Here’s What Happened

MP Materials Corp. (NYSE:MP)’s share price reached a new 52-week low on Thursday. The stock traded as low as $37.59 and last traded at $37.7630, with a volume of 3,507,168 shares changing hands. The stock had previously closed at $39.50.

Analysts Set New Price Targets

MP has been the subject of a number of research analyst reports. Robert W. Baird reduced their price objective on MP Materials from $80.00 to $65.00 and set an “outperform” rating for the company in a report on Thursday, October 1st. JPMorgan Chase & Co. lowered their target price on MP Materials from $75.00 to $60.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 29th. Wall Street Zen cut MP Materials from a “hold” rating to a “sell” rating in a report on Sunday, October 11th. Citigroup reissued a “positive” rating on shares of MP Materials in a report on Wednesday, July 15th. Finally, Zacks Research lowered MP Materials from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $71.92.

MP Materials Stock Down 0.6%

The company has a current ratio of 9.51, a quick ratio of 8.56 and a debt-to-equity ratio of 0.48. The firm’s 50 day simple moving average is $49.57 and its two-hundred day simple moving average is $54.22. The firm has a market cap of $6.82 billion, a price-to-earnings ratio of -112.68 and a beta of 1.98.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $108.49 million for the quarter, compared to analyst estimates of $96.89 million. MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%. The company’s revenue was up 89.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.13) EPS. On average, equities analysts forecast that MP Materials Corp. will post -0.20 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Oak Thistle LLC acquired a new position in MP Materials in the second quarter valued at approximately $1,543,000. Amundi lifted its position in shares of MP Materials by 260.2% during the 1st quarter. Amundi now owns 385,001 shares of the company’s stock valued at $18,580,000 after acquiring an additional 278,126 shares during the period. NewEdge Advisors LLC boosted its stake in MP Materials by 135.8% during the second quarter. NewEdge Advisors LLC now owns 39,866 shares of the company’s stock worth $2,233,000 after acquiring an additional 22,958 shares in the last quarter. State Street Corp boosted its stake in MP Materials by 5.1% during the second quarter. State Street Corp now owns 7,773,746 shares of the company’s stock worth $435,408,000 after acquiring an additional 376,519 shares in the last quarter. Finally, Teamwork Financial Advisors LLC acquired a new stake in MP Materials in the second quarter worth $10,648,000. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Company Profile

MP Materials Corp. is a rare earth materials company focused on restoring and expanding a fully integrated rare earth supply chain in the United States. The company owns and operates the Mountain Pass rare earth mine and processing facility in California, one of the largest rare earth production sites in the Western Hemisphere.

MP Materials primarily produces rare earth concentrate containing neodymium and praseodymium, elements used in high-strength permanent magnets. These magnets are important components in electric vehicles, wind turbines, robotics, defense systems, and other advanced technologies.