JPMorgan Chase & Co. Increases MP Materials (NYSE:MP) Price Target to $18.00

MP Materials (NYSE:MP) had its price target boosted by JPMorgan Chase & Co. from $15.00 to $18.00 in a report published on Monday, Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms also recently commented on MP. Deutsche Bank Aktiengesellschaft dropped their target price on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. DA Davidson increased their price objective on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Canaccord Genuity Group reduced their price objective on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Morgan Stanley upped their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Finally, Benchmark reissued a “buy” rating and set a $30.00 price target on shares of MP Materials in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.15.

MP Materials Stock Up 3.8 %

NYSE:MP opened at $18.55 on Monday. MP Materials has a 1-year low of $10.02 and a 1-year high of $20.85. The company has a market capitalization of $3.07 billion, a PE ratio of -123.67 and a beta of 2.23. The firm’s 50-day moving average price is $15.19 and its 200-day moving average price is $14.99. The company has a debt-to-equity ratio of 0.84, a current ratio of 6.90 and a quick ratio of 6.17.

MP Materials (NYSE:MP) last announced its earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.08). MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. The business had revenue of $31.26 million for the quarter, compared to the consensus estimate of $40.03 million. During the same period in the prior year, the business posted $0.07 EPS. MP Materials’s revenue for the quarter was down 51.2% on a year-over-year basis. On average, equities analysts predict that MP Materials will post -0.48 EPS for the current fiscal year.

MP Materials declared that its Board of Directors has authorized a share buyback plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 13.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, COO Michael Stuart Rosenthal bought 30,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was acquired at an average cost of $10.84 per share, for a total transaction of $325,200.00. Following the purchase, the chief operating officer now owns 1,402,975 shares in the company, valued at approximately $15,208,249. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 12.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MP Materials

Large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in shares of MP Materials by 2,536.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock valued at $23,767,000 after acquiring an additional 1,598,861 shares during the period. Millennium Management LLC lifted its position in MP Materials by 425.5% during the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock valued at $10,201,000 after purchasing an additional 648,838 shares in the last quarter. Bank of Montreal Can grew its holdings in MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock valued at $11,462,000 after purchasing an additional 586,906 shares during the period. Pinnacle Associates Ltd. increased its position in MP Materials by 151.1% in the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock worth $10,382,000 after buying an additional 490,767 shares in the last quarter. Finally, Regal Partners Ltd raised its stake in shares of MP Materials by 275.4% in the second quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock worth $5,907,000 after buying an additional 340,426 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.