MP Materials (NYSE:MP) Reaches New 1-Year Low – Here’s Why

MP Materials Corp. (NYSE:MP)’s stock price hit a new 52-week low during trading on Wednesday. The stock traded as low as $36.95 and last traded at $36.9540, with a volume of 1,040,041 shares trading hands. The stock had previously closed at $37.83.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MP shares. Wall Street Zen downgraded MP Materials from a “hold” rating to a “sell” rating in a report on Sunday, October 11th. Jefferies Financial Group reaffirmed a “buy” rating on shares of MP Materials in a report on Tuesday, September 8th. Freedom Broker started coverage on MP Materials in a research report on Wednesday, September 16th. They issued a “hold” rating and a $57.00 target price for the company. Deutsche Bank Aktiengesellschaft cut their price target on MP Materials from $70.00 to $61.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Finally, DA Davidson restated a “buy” rating and set a $82.00 price target on shares of MP Materials in a report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $71.92.

MP Materials Stock Performance

The stock has a market capitalization of $6.39 billion, a P/E ratio of -105.49 and a beta of 2.05. The company has a 50-day moving average price of $47.12 and a two-hundred day moving average price of $54.93. The company has a current ratio of 9.51, a quick ratio of 8.56 and a debt-to-equity ratio of 0.48.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $108.49 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 89.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.13) EPS. On average, equities analysts forecast that MP Materials Corp. will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On MP Materials

A number of institutional investors have recently modified their holdings of the company. AlphaCore Capital LLC grew its position in MP Materials by 55.2% in the 3rd quarter. AlphaCore Capital LLC now owns 8,060 shares of the company’s stock valued at $381,000 after purchasing an additional 2,868 shares during the period. Retirement Systems of Alabama raised its holdings in MP Materials by 10.3% during the third quarter. Retirement Systems of Alabama now owns 154,311 shares of the company’s stock worth $7,297,000 after buying an additional 14,376 shares during the last quarter. Fulcrum Asset Management LLP acquired a new position in MP Materials during the third quarter worth $137,000. 180 Wealth Advisors LLC raised its holdings in MP Materials by 6.0% during the third quarter. 180 Wealth Advisors LLC now owns 29,427 shares of the company’s stock worth $1,392,000 after buying an additional 1,656 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS lifted its stake in shares of MP Materials by 45.0% in the third quarter. Kornitzer Capital Management Inc. KS now owns 109,473 shares of the company’s stock valued at $5,177,000 after buying an additional 33,965 shares in the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

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.