MP Materials (NYSE:MP) Given New $70.00 Price Target at Canaccord Genuity Group

MP Materials (NYSE:MP) had its price target cut by equities research analysts at Canaccord Genuity Group from $82.00 to $70.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group‘s target price indicates a potential upside of 88.73% from the company’s current price.

A number of other research firms also recently commented on MP. Freedom Broker assumed coverage on shares of MP Materials in a research note on Wednesday, September 16th. They set a “hold” rating and a $57.00 price objective for the company. Wall Street Zen raised MP Materials from a “sell” rating to a “hold” rating in a research report on Saturday. Barclays dropped their target price on MP Materials from $65.00 to $54.00 and set an “overweight” rating on the stock in a report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research report on Thursday, October 15th. Finally, Citigroup restated a “positive” rating on shares of MP Materials in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.00.

MP Materials Stock Up 4.7%

Shares of MP stock traded up $1.68 during trading on Monday, reaching $37.09. The company’s stock had a trading volume of 3,219,888 shares, compared to its average volume of 6,370,402. MP Materials has a one year low of $31.90 and a one year high of $76.80. The business has a fifty day moving average price of $45.65 and a 200-day moving average price of $54.44. The company has a market cap of $6.61 billion, a price-to-earnings ratio of -168.80 and a beta of 2.05. The company has a quick ratio of 6.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.48.

MP Materials (NYSE:MP) last released its earnings results on Thursday, November 5th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06. MP Materials had a negative net margin of 9.90% and a negative return on equity of 0.05%. The business had revenue of $147.66 million during the quarter, compared to the consensus estimate of $117.37 million. During the same quarter last year, the firm earned ($0.10) earnings per share. The firm’s revenue for the quarter was up 175.7% compared to the same quarter last year. Analysts anticipate that MP Materials will post -0.21 earnings per share for the current year.

Institutional Trading of MP Materials

A number of large investors have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of MP Materials by 5.1% in the 2nd quarter. State Street Corp now owns 7,773,746 shares of the company’s stock valued at $435,408,000 after purchasing an additional 376,519 shares during the period. Bank of New York Mellon Corp acquired a new stake in MP Materials in the 2nd quarter valued at about $65,230,000. Principal Financial Group Inc. grew its holdings in MP Materials by 32.4% during the first quarter. Principal Financial Group Inc. now owns 919,083 shares of the company’s stock worth $44,355,000 after purchasing an additional 225,009 shares during the period. Alps Advisors Inc. grew its holdings in MP Materials by 26.0% during the third quarter. Alps Advisors Inc. now owns 763,110 shares of the company’s stock worth $36,087,000 after purchasing an additional 157,272 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in MP Materials by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 564,808 shares of the company’s stock worth $31,635,000 after purchasing an additional 8,556 shares during the period. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Company Profile

MP Materials operates the Mountain Pass rare earth mine and processing facility in California. The site is a major North American source of rare earth materials, which are used in products such as electric vehicles, wind turbines, electronics and defense systems.

The company mines and processes rare earth ore into concentrate and separated products, including neodymium-praseodymium (NdPr), a key input for high-strength permanent magnets. MP Materials is also developing domestic magnet manufacturing capabilities to extend its business further along the supply chain.

Mountain Pass has a long history of rare earth production, and MP Materials acquired the site’s operating assets in 2017.