MP Materials (NYSE:MP) Stock Price Up 9.2% – Here’s What Happened

MP Materials Corp. (NYSE:MP) shares rose 9.2% on Tuesday. The stock traded as high as $41.05 and last traded at $40.9140. 6,563,471 shares were traded during trading, an increase of 3% from the average session volume of 6,361,749 shares. The stock had previously closed at $37.47.

Analysts Set New Price Targets

MP has been the topic of a number of analyst reports. Citigroup restated a “positive” rating on shares of MP Materials in a research report on Wednesday, July 15th. Morgan Stanley dropped their target price on shares of MP Materials from $73.00 to $66.00 and set an “overweight” rating for the company in a report on Wednesday, October 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research note on Thursday, October 15th. JPMorgan Chase & Co. reduced their price target on MP Materials from $75.00 to $60.00 and set an “overweight” rating on the stock in a report on Wednesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on MP Materials from $70.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $71.92.

MP Materials Price Performance

The company has a market cap of $7.29 billion, a PE ratio of -120.33 and a beta of 1.98. The business has a 50 day moving average of $49.23 and a 200 day moving average of $55.66. The company has a debt-to-equity ratio of 0.48, a current ratio of 9.51 and a quick ratio of 8.56.

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

Hedge Funds Weigh In On MP Materials

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

About MP Materials

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.