Robert W. Baird Cuts MP Materials (NYSE:MP) Price Target to $65.00

MP Materials (NYSE:MP) had its price objective decreased by Robert W. Baird from $80.00 to $65.00 in a report released on Thursday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other research firms have also recently issued reports on MP. JPMorgan Chase & Co. lowered their price objective on shares of MP Materials from $75.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, July 29th. Zacks Research lowered shares of MP Materials from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 26th. Wall Street Zen cut shares of MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. DA Davidson reiterated a “buy” rating and set a $82.00 price target on shares of MP Materials in a report on Monday, August 24th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on MP Materials from $70.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, MP Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.42.

MP Materials Stock Performance

MP Materials stock opened at $46.96 on Thursday. MP Materials has a 12-month low of $37.81 and a 12-month high of $100.25. The company has a quick ratio of 8.56, a current ratio of 9.51 and a debt-to-equity ratio of 0.48. The business’s 50-day moving average price is $51.29 and its two-hundred day moving average price is $55.27. The stock has a market cap of $8.36 billion, a PE ratio of -138.12 and a beta of 1.98.

MP Materials (NYSE:MP) last issued 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 return on equity of 1.21% and a negative net margin of 19.85%.The firm had revenue of $108.49 million during the quarter, compared to the consensus estimate of $96.89 million. During the same quarter in the previous year, the firm earned ($0.13) earnings per share. The business’s quarterly revenue was up 89.0% on a year-over-year basis. As a group, analysts expect that MP Materials will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MP Materials

Hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its holdings in MP Materials by 5.1% in the second quarter. State Street Corp now owns 7,773,746 shares of the company’s stock valued at $435,408,000 after acquiring an additional 376,519 shares during the last quarter. Geode Capital Management LLC raised its holdings in MP Materials by 8.4% during the 4th quarter. Geode Capital Management LLC now owns 2,544,743 shares of the company’s stock worth $128,587,000 after purchasing an additional 197,375 shares during the last quarter. Norges Bank acquired a new position in shares of MP Materials in the 4th quarter worth approximately $82,531,000. Bank of New York Mellon Corp acquired a new position in shares of MP Materials in the 2nd quarter worth approximately $65,230,000. Finally, Principal Financial Group Inc. boosted its stake in shares of MP Materials by 32.4% in the 1st quarter. Principal Financial Group Inc. now owns 919,083 shares of the company’s stock valued at $44,355,000 after purchasing an additional 225,009 shares during the last quarter. 52.55% of the stock is currently owned by institutional investors.

About MP Materials

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 produces rare earth concentrate, with a focus on neodymium-praseodymium (NdPr), materials used in high-strength permanent magnets.

The company is expanding its operations beyond mining and concentrate production by developing domestic capabilities to separate rare earth elements and manufacture neodymium-iron-boron (NdFeB) magnets.