Canaccord Genuity Group Trims MP Materials (NYSE:MP) Target Price to $19.00

MP Materials (NYSE:MP) had its target price decreased by Canaccord Genuity Group from $20.00 to $19.00 in a report issued on Tuesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

MP has been the subject of several other research reports. Morgan Stanley dropped their price objective on MP Materials from $15.50 to $14.00 and set an equal weight rating for the company in a research note on Friday, June 21st. BMO Capital Markets initiated coverage on MP Materials in a research note on Monday, July 15th. They set a market perform rating and a $16.50 price objective for the company. Robert W. Baird dropped their price target on MP Materials from $24.00 to $20.00 and set an outperform rating for the company in a research note on Monday, July 15th. Benchmark reaffirmed a buy rating and set a $30.00 price target on shares of MP Materials in a research note on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on MP Materials from $13.50 to $12.50 and set a hold rating for the company in a research note on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, MP Materials has a consensus rating of Moderate Buy and an average price target of $19.89.

MP Materials Price Performance

MP Materials stock opened at $12.90 on Tuesday. The firm has a market capitalization of $2.13 billion, a P/E ratio of -85.97 and a beta of 2.22. MP Materials has a one year low of $10.02 and a one year high of $22.81. The business has a fifty day moving average price of $13.10 and a 200-day moving average price of $14.72. The company has a debt-to-equity ratio of 0.82, a current ratio of 10.29 and a quick ratio of 9.28.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.08). The business had revenue of $31.26 million for the quarter, compared to the consensus estimate of $40.03 million. MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.13%. MP Materials’s quarterly revenue was down 51.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 EPS. As a group, equities research analysts forecast that MP Materials will post -0.34 EPS for the current year.

Insider Transactions at MP Materials

In related news, COO Michael Stuart Rosenthal acquired 30,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average price of $10.84 per share, for a total transaction of $325,200.00. Following the completion of the acquisition, the chief operating officer now owns 1,402,975 shares in the company, valued at $15,208,249. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 12.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MP. Retirement Systems of Alabama increased its holdings in MP Materials by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 180,391 shares of the company’s stock valued at $3,581,000 after purchasing an additional 723 shares during the period. CWM LLC increased its holdings in MP Materials by 85.0% during the 4th quarter. CWM LLC now owns 1,667 shares of the company’s stock valued at $33,000 after purchasing an additional 766 shares during the period. Amalgamated Bank increased its holdings in MP Materials by 1.0% during the 4th quarter. Amalgamated Bank now owns 84,408 shares of the company’s stock valued at $1,675,000 after purchasing an additional 798 shares during the period. State of Michigan Retirement System increased its holdings in MP Materials by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,400 shares of the company’s stock valued at $506,000 after purchasing an additional 800 shares during the period. Finally, Louisiana State Employees Retirement System increased its holdings in MP Materials by 2.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 41,500 shares of the company’s stock valued at $593,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other 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.