MP Materials (NYSE:MP) Rating Reiterated by Benchmark

Benchmark restated their buy rating on shares of MP Materials (NYSE:MP) in a research report sent to investors on Friday, Benzinga reports. The firm currently has a $30.00 target price on the stock.

Several other research analysts also recently commented on MP. Canaccord Genuity Group dropped their price target on MP Materials from $23.00 to $22.00 and set a buy rating on the stock in a research report on Wednesday, March 13th. Jefferies Financial Group cut their price target on shares of MP Materials from $36.00 to $28.00 and set a buy rating for the company in a research note on Tuesday, March 19th. JPMorgan Chase & Co. lowered MP Materials from an overweight rating to a neutral rating and lowered their price objective for the company from $20.00 to $16.00 in a research note on Tuesday, April 23rd. Morgan Stanley cut MP Materials from an overweight rating to an equal weight rating and cut their price objective for the company from $26.00 to $15.50 in a report on Wednesday, March 13th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on MP Materials from $17.00 to $15.00 and set a hold rating on the stock in a report on Thursday, April 11th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $23.64.

MP Materials Price Performance

NYSE:MP traded up $0.66 during trading hours on Friday, hitting $16.07. 2,496,109 shares of the company’s stock traded hands, compared to its average volume of 3,518,838. MP Materials has a twelve month low of $12.68 and a twelve month high of $26.53. The company has a quick ratio of 9.28, a current ratio of 10.29 and a debt-to-equity ratio of 0.82. The stock’s fifty day moving average price is $15.25 and its two-hundred day moving average price is $16.32.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). MP Materials had a negative return on equity of 0.61% and a net margin of 1.62%. The company had revenue of $41.21 million during the quarter, compared to the consensus estimate of $47.40 million. On average, sell-side analysts forecast that MP Materials will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On MP Materials

A number of institutional investors have recently made changes to their positions in MP. Vanguard Group Inc. boosted its stake in MP Materials by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 13,635,712 shares of the company’s stock worth $270,669,000 after acquiring an additional 254,881 shares in the last quarter. Van ECK Associates Corp raised its holdings in MP Materials by 15.2% in the 4th quarter. Van ECK Associates Corp now owns 3,122,224 shares of the company’s stock worth $61,976,000 after acquiring an additional 411,771 shares during the last quarter. Baillie Gifford & Co. boosted its position in shares of MP Materials by 26.2% during the fourth quarter. Baillie Gifford & Co. now owns 2,960,001 shares of the company’s stock valued at $58,756,000 after buying an additional 614,088 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in MP Materials by 59.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,314,985 shares of the company’s stock valued at $45,956,000 after buying an additional 860,960 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in MP Materials by 12.0% in the third quarter. Bank of New York Mellon Corp now owns 2,293,334 shares of the company’s stock worth $43,803,000 after purchasing an additional 246,534 shares during the last quarter. Institutional investors own 52.55% of the company’s stock.

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.