MP Materials (NYSE:MP) Trading Down 4.1% – Time to Sell?

Shares of MP Materials Corp. (NYSE:MP) traded down 4.1% on Wednesday . The stock traded as low as $48.72 and last traded at $48.9440. 4,127,224 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 6,493,937 shares. The stock had previously closed at $51.04.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MP. Deutsche Bank Aktiengesellschaft cut their target price on shares of MP Materials from $70.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Barclays decreased their price target on shares of MP Materials from $69.00 to $65.00 and set an “overweight” rating for the company in a research note on Thursday, July 16th. Citigroup reissued a “positive” rating on shares of MP Materials in a research report on Wednesday, July 15th. Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a research note on Friday, July 17th. Finally, JPMorgan Chase & Co. reduced their target price on shares of MP Materials from $75.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $76.29.

MP Materials Stock Down 4.1%

The company has a market capitalization of $8.72 billion, a PE ratio of -143.95 and a beta of 1.94. The company has a current ratio of 9.51, a quick ratio of 8.56 and a debt-to-equity ratio of 0.48. The firm has a 50 day simple moving average of $50.98 and a two-hundred day simple moving average of $55.93.

MP Materials (NYSE:MP) last released its earnings results 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 company had revenue of $108.49 million during the quarter, compared to analysts’ expectations of $96.89 million. During the same quarter last year, the business earned ($0.13) EPS. The business’s revenue was up 89.0% on a year-over-year basis. Research analysts expect that MP Materials Corp. will post -0.12 EPS for the current year.

Hedge Funds Weigh In On MP Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp raised its holdings in shares of MP Materials by 5.1% in the second quarter. State Street Corp now owns 7,773,746 shares of the company’s stock worth $435,408,000 after acquiring an additional 376,519 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of MP Materials by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 121,478 shares of the company’s stock valued at $6,804,000 after acquiring an additional 2,411 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new stake in MP Materials during the 2nd quarter worth about $220,000. MCF Advisors LLC increased its position in MP Materials by 3,748.1% during the 2nd quarter. MCF Advisors LLC now owns 5,195 shares of the company’s stock worth $291,000 after purchasing an additional 5,060 shares in the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new position in MP Materials in the 2nd quarter valued at about $672,000. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Company Profile

MP Materials Corp. is a rare earth materials company that owns and operates the Mountain Pass rare earth mine and processing facility in California. The site is one of the largest rare earth production facilities in the Western Hemisphere and produces rare earth concentrate, with an emphasis on neodymium-praseodymium (NdPr), materials used in high-performance permanent magnets.

The company is expanding its operations beyond mining and concentrate production into separated rare earth products and magnet manufacturing.