MP Materials (NYSE:MP) Upgraded to “Overweight” at JPMorgan Chase & Co.

MP Materials (NYSE:MP) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Friday, Marketbeat Ratings reports. The brokerage currently has a $74.00 target price on the stock, down from their previous target price of $75.00. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 24.99% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Cowen reaffirmed a “buy” rating on shares of MP Materials in a research report on Friday, August 8th. Canaccord Genuity Group raised their price objective on MP Materials from $64.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Jefferies Financial Group raised MP Materials from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a research report on Friday, August 1st. Daiwa America upgraded MP Materials to a “strong-buy” rating in a report on Monday, September 22nd. Finally, Robert W. Baird boosted their price objective on shares of MP Materials from $52.00 to $69.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, MP Materials currently has an average rating of “Moderate Buy” and an average target price of $79.00.

MP Materials Stock Up 2.9%

MP stock traded up $1.67 during trading hours on Friday, hitting $59.21. The company’s stock had a trading volume of 5,217,184 shares, compared to its average volume of 10,854,748. The stock has a 50 day moving average price of $69.19 and a two-hundred day moving average price of $52.54. MP Materials has a 12 month low of $15.56 and a 12 month high of $100.25. The company has a market capitalization of $10.49 billion, a PE ratio of -83.66 and a beta of 2.26. The company has a quick ratio of 7.51, a current ratio of 8.05 and a debt-to-equity ratio of 0.47.

MP Materials (NYSE:MP) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.05. The business had revenue of $53.55 million during the quarter, compared to analyst estimates of $49.72 million. MP Materials had a negative net margin of 50.55% and a negative return on equity of 7.69%. MP Materials’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.12) EPS. On average, equities research analysts expect that MP Materials will post -0.19 earnings per share for the current year.

Insider Buying and Selling at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $72.02, for a total value of $10,803,000.00. Following the completion of the transaction, the chief operating officer owned 1,284,409 shares of the company’s stock, valued at $92,503,136.18. This represents a 10.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Caxton Associates LLP bought a new position in shares of MP Materials during the 2nd quarter worth approximately $132,238,000. National Bank of Canada FI raised its stake in MP Materials by 19,314.3% during the second quarter. National Bank of Canada FI now owns 2,013,462 shares of the company’s stock worth $66,987,000 after acquiring an additional 2,003,091 shares in the last quarter. Reaves W H & Co. Inc. lifted its holdings in shares of MP Materials by 168.4% during the third quarter. Reaves W H & Co. Inc. now owns 2,589,908 shares of the company’s stock valued at $173,705,000 after acquiring an additional 1,624,908 shares during the period. Driehaus Capital Management LLC acquired a new stake in shares of MP Materials in the 1st quarter valued at $34,288,000. Finally, BNP Paribas Financial Markets boosted its stake in shares of MP Materials by 76.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock valued at $97,200,000 after purchasing an additional 1,264,243 shares in 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.